How do I buy an already established business?

It's not going to be a franchise. It will be a homegrown business. I want to change the name and shuffle in some new ideas.



What do I need to know?
How do I buy an already established business?
Well you need to know revenue, expenses, assets and pending LAWSUITS (you don't want to inherit those, trust me). Usually the rule of thumb is 5x the revnue is the price tag. Approach the owner and discuss it with him/her.



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