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Some thoughts on small businesses:
I think that businesses that are easy to run and make a lot of money do exist, but rarely get sold. I've spent a lot of time going through businesses that are listed for sale. Most have serious issues. The trick is knowing enough to spot them before you sign on the bottom line. The broker and the seller are on one team and you on the other.
The last business I seriously considered buying was advertised for $250K with a net of $90K/year. After digging, the owner decided that the net was more like $30K/year, but wouldn't come off the price due to his perceived value of the assets.
Beware of small businesses that exist solely because of the owners' knowledge, skill, education, personality, contacts, etc. Buyers of these types of businesses are in for a rude awakening when they become the new owner.
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Lee
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