Comment on Buying a Business Requires Life Changes by Mr. Prairie FIRE.
Really enjoyed this post, as it speaks to where I am at today. I am interested in purchasing a small retail business in my home town as it has potential to be recession proof, has a great value proposition, little competitors (niche but not really niche) and it is not marketed very well (their clientelle are mostly seniors). I am already thinking of ways to improve processes, improve marketing and also some innovation. Slight problem….not sure if the owner is thinking of selling (based on my research most of the owners have been doing it for a long time and are close to retirement), have never owned my own business (only got my side hustle as a landlord), and have no experience in the industry. This doesn’t bother me as I am not intimidated by not knowing and see it as a challenge.
This is just a long-winded way of asking you what your process is and what criteria you use to invest in or own a small business.
Thanks again for writing and sharing this post. It really made me think.
All the best,