When looking into buying a Manufacturing Business – Don’t fall into the trap of buying a particular business because it seems like a sure thing. Pick an industry you know intimately and look for a business in that industry that is for sale. Then evaluate it carefully.
Evaluate your skills, interests and experience. It’s much more difficult to succeed in a business you don’t like or in which you have no background. The business you buy has to mesh with what you do well, and with your personal and business philosophy. Choose familiar territory to reduce the risk of failure.
If your goal is to acquire a firm to add to an existing business, you will need synergy in key areas. The merger or acquisition should result in improved cash flow with which to fuel additional business projects. Production and delivery methods should be similar, and products or services should be related or complementary. Ask yourself what level of skills and training the employees have and how their know-how can improve your existing business. Work with a professional valuation team that can show you a road map to your financial future with this acquisition. Don’t limit yourself to examining operations and facilities or going through financial statements. You also need to investigate the parts of the business that you can’t see physically by talking to employees and suppliers. Evaluate the business’s true worth and consider all tax implications carefully. Finding and researching a business to acquire can be a time-consuming and costly exercise. But sometimes, it’s well worth the investment and you don’t have to go it alone, put our team to work for you.
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