What to consider when buying a business

Question

I'm currently looking at buying a business via FE International which I believe will synergize very well when combined with my current side business (of which I amm the sole owner/employee) and potentially multiply the value of each other. The deal would be around 50-100k.This would be a big deal to me. I've never acquired a business before and am definitely a rookie. What are some things that I should know or ask about? How much can I know about a business to inform my buying decision? Any pitfalls or traps to watch out for? Is there a specialized person I am legally obligated to consult to help with this?Thank you for spending your time on this, it is greatly appreciated.

meremortals · Accepted Answer

I'm in a similar boat and would love if you'd keep us updated

gus_massa · Answer

There is a story by patio11 from the seller point of view. It's not exactly what you're asking for, but it may have some interesting parts. "What I Learned Selling A Software Business" https://training.kalzumeus.com/newsletters/archive/selling_s... HN discussion https://news.ycombinator.com/item?id=11347006 (439 points | Mar 23, 2016 | 84 comments)

fsajkdnjk · Answer

the best thing you can do is hire a good accountant and go through their books.