Especially for first-time buyers, we’ve tried to stress the importance of educating yourself about the business acquisition process. We are not alone in making that recommendation. Two of the best authors on buying a business, and our favorites, are Rose Stabler and Richard Parker. Rose is the owner of Certified Business Brokers, headquartered in Houston, Texas, and writes an outstanding blog about selling and buying businesses. Richard is the owner of Diomo Corporation, which has a tag line of “We help people buy businesses”. He is the author of a comprehensive book titled “How to Buy a Good Business at a Great Price” and also writes an excellent blog about the business acquisition process.
We’ve selected seven articles from each author to summarize (links provided) articles which we consider to the “the best of buyer education articles”.
Rose Stabler’s best business-buyer education articles
- In this interesting article, Rose explores three types of prospective-buyer attitudes: 1) self-protective type; 2) self-involved type; 3) self-esteemed type.
- If you answer yes to less than 15 of the 25 questions in this article, entrepreneurship may not be right for you.
- For self-evaluation analysis, this article contains a list of 17 traits of successful business owners.
- If you think you might have found the right business, check this list of 10 things you should consider.
- This is a very good summary of the steps involved in the business-buying process. As an added bonus, in step #1, Self-Assessment & Education, Rose links to some of her other outstanding articles.
- Rose provides a short summary how brokers pre-screen prospective buyers.
- Rose provides a list of 13 advantages of buying an existing business.
Richard Parker’s best business-buyer education articles
- In this outstanding article Richard explains why 90% of prospective buyers never buy and why 80% of businesses never sell. “Above all, educate yourself.”
- This article provides great advice on how to get started in searching for a business to acquire.
- Richard provides great advice in this article on how to distinguish businesses that should be of interest to you.
- This article provides some motivation as well as a good summary as to how to get started.
- This article explores some perceptions and misperceptions of business brokers’ assessments of buyers. Richard provides some great advice as well. Be sure to read the comments for additional insights.
- For first-time buyers, this article provides a good overview of the due diligence period.
- In this article, Richard explains a lot of the advantages of acquiring an existing business versus starting a business from scratch.