Question Details	Asked By	Asked On
want to buy a running business, but need HELP!!!!	netto	09/29/03
I went to business broker who gave me info on a few businesses that interest me. I went to visit them as a customer, and found one I want to buy. NOW what??? How do I know what the current owner says is their net profit each year really is? How do I know if the gross income is what they say it is? The expenses? The everything else you can imagine? I feel very intimidated by this process, and scared to even contact someone to ask. I don't know who to contact even. An attorney? What kind? An accountant? I haven't asked the broker, because I know he's working for the business owner. What do I do??? HELP...PLEASE HELP!!!! Thanks :D
Clarification/Follow-up by netto on 09/30/03 2:24 pm: Thanks for your reply. Ok, I agree I need external professional help - big time - but who? Is this a lawyer AND accountant? What kind of each? Like I know there are real estate and criminal attornies, but what kind for this? Even accountants, there are different types, right? I don't want to just contact one that says "Oh yeah, I do that"...I want someone who does it, not just read about it 15 years ago in college. Thanks Leo. Clarification/Follow-up by LEOLINGHAM on 10/02/03 7:48 pm: When you are green in these areas, you need to -survey the local market for well established accountants. -check their standings in the market -if in doublt, go for a medium sized well established accounting firm even if you have to pay a higher fees, you should get the right commercial judgement. Legal issues are not a major factor, it is relatively minor issue. Normally good / established / reputed accounting firms have good attorneys. Avoid "one-man" accountants/ attorneys at this stage. Even after getting the right informations, you should talk with -your banker -your good contacts [friends] -local chamber of commerce It needs a multi approach to satisfy yourself. regards LEO LINGHAM
Answered By		Answered On
LEOLINGHAM		09/29/03
BUYING A BUSINESS. Based on your briefings and under the present circumstances, you need a business professional with -accounting background who also has legal understanding to help you in the following -checking figures -conducting due deligence of the business operation -checking market situation for the feasibility -legal soundness. So the suggestion is to seek external profession help . regards LEO LINGHAM

Additional Options and ratings are only visible when you login!