Build reserves and then buy a business or go straight to buy a business

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by a searcher from The University of Texas at El Paso - College of Business Administration
in Austin, TX, USA

1yr ago

Build reserves and then buy a business or go straight to buy a business

Want your honest opinions!!!

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reply by a searcher 1yr ago
in Philadelphia, PA, USA

I have always gone straight to buying a business. You can always find capital but it takes more time to find a good business. This especially works well if you have sales skills.

reply by an intermediary 1yr ago
from Wake Forest University in Winston-Salem, NC, USA

It depends on your personality and risk tolerance. If you are a risk it all kind of person, and are ok with boom and bust, then perhaps earlier. But if you are more moderate, then build some reserves, not only for the business (a missed customer payment, a late delivery, etc, won't change the fact that you'll need to make payroll on Friday) but also for your personal life (an AC unit or transmission for example, can run you $5k to $10k). And while building reserves, get some good work experience. Sellers are very hesitant, and rightly so, to provide much seller finance to a buyer without capital or experience, so don't count on an owner of a good business providing too much in that category without either of those two.