Thu 23 Nov 2006
I'm looking to buy a business from someone else. They have a business plan that looks comprehensive but I don't like what they've spelled out as the future of the business: how they plan to grow and what changes they expect in the target market. Should I rewrite the business plan? Should I do that before I buy the business? Should I even buy the business at all?
Thank you for the question, Beth.
Even if you don't like the direction of the business, are you happy with it right now? A business is really two separate components: the business now and the business in the future. You'll need plans for both. I do recommend that you create a future business plan for the company before you buy it to make sure your future vision for the company is viable. If you decide that it is, feel free to buy the company. If the business has a profitable model right now and you're happy with where it is, feel free to buy the company. As long as you are prepared for the future and happy with it right now, you should be okay. If either of those two things concern you, stay away from the business!