• Mon, Nov 06, 2023
  • A Complete Guide to Buying an Existing Business in 2023
  • Pexels-andrea-piacquadio-3760514
  • Click here for a link to the full article by Tiffany Verbeck, published in Nav on October 25, 2023.

    There are many opportunities to buy an existing business, and it’s important to set yourself up for success before starting the process. 

    State of the “Businesses for Sale” Market

    The “businesses for sale” market refers to the sector that deals with buying and selling established businesses.  The market is influenced by a variety of factors, like:

    • The state of the economy
    • Industry trends
    • Demographics
    • Online marketplaces
    • Financing and deal structure

    Pros and Cons of Buying an Existing Business


    • Established operations
    • Brand recognition
    • Established customer base
    • Cash flow and financial history
    • Supplier and vendor relationships


    • Higher cost
    • Existing challenges
    • Management challenges
    • Hidden liabilities

    Where to Find Existing Businesses

    • Online business marketplaces
    • Business brokers
    • Professional networks and associations
    • Direct outreach
    • Industry-specific publications and websites

    Business Formation: Due Diligence and Legal Considerations  

    With any new venture you’ll need to both conduct due diligence and address legal considerations to ensure compliance, mitigate risks, and protect your interests. 

    During due diligence, you’ll want to think through the following aspects:

    1. Compliance
    2. Finances
    3. Contracts and agreements
    4. Intellectual property
    5. Assets and liabilities

    Some common legal considerations include:

    1. Business structure
    2. Registration and licensing
    3. Contracts and agreements
    4. Compliance with employment law
    5. Tax obligations
    6. Data privacy and security

    It’s a good idea to consult with legal professionals to ensure that all legal requirements and considerations are adequately addressed when you’re acquiring or forming a business. 

    Reach out if I can assist you in buying a business.

    Steve Niehaus, MBA, CM&AP, CBI, M&AMI
    [email protected]