Top 5 Tips for Buying a Small Business

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The top 5 tips weekly post is always full of hints and tips for small, home & micro business owners.

1. If you can persuade the previous owner of the business to stay on for a short period after the purchase, do so! It really helps to utilise their expertise in a consulting role.

2. Get to know the workforce that you have at your disposal. You will soon be able to identify your best personnel assets.

3. Don’t instigate wholesale changes straight away. Presumably you will have purchased the small business because it is already successful, so avoid doing anything to jeopardise continued success.

4. Meet or contact as many of your suppliers as possible to reassure them that for now it is ‘business as usual’ as far as they are concerned.

5. Treat the loyal customer base with some great special offers or a sale to reward them for sticking with the company during this transitional period.

If you have additional tips, please share them in the comments section below.

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