Thought for Today – Thinking about buying a business, make sure to let the professionals check it out before you sign on the dotted line. Business acquisitions are complex and failure to make sure you are getting what you think you’re getting can be very costly. Things like unpaid sales taxes of the prior owner can become your responsibility. You could also find that revenues and profits are not what was represented or that payroll taxes were unpaid. These are just a few of the pitfalls business buyers find everyday--often after the purchase is closed and the seller has been paid in full. Don’t let yourself be pressed into a rapid closing that prevents you from doing your due diligence. Often times when a seller is in a hurry to close the sale and collect the money there is a good reason for them being in a hurry. That reason does not bode well for the buyer.
Posted on: Wed, 19 Nov 2014 16:51:06 +0000
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