I strongly advise anyone looking to make a substantial investment in a business to consider independent external advice, whether that comes from a business broker, business advisor or accountant, or another specialist.
That advice might be in the form of:
- providing a sounding board as you determine exactly what your own aims are in buying a business
- objective advice on whether the business or businesses you’re considering actually meet those objectives
- providing an independent view of the value of the business you’re looking to buy
- assisting you in the purchase negotiation process
- conducting the due diligence process.
However, this is where my answer gets a little tricky, because not all brokers have the same level of experience, and some offer a form of service I don’t endorse.