TOP TEN DO'S
1. Decide first whether to be in business full time, part time or with your family.
2. Thoroughly investigate the industry first. If possible, work for someone else in the business first.
3. Appraise your experience, skills and likes to determine if the business is a good fit.
4. Look to the economics of the business more than how well or poorly it has been run.
5. Look to the seller as the best source of financing when purchasing a business.
6. Pursue a structured "due diligence" process. Ask help from your lawyer and accountant.
7. Verify receivables by written verification from people owing the business money.
8. Perform you own evaluation of the business's real estate location. (See Session 6)
9. Deal only with established, well-financed and widely successful franchisers.
10. Ask a franchiser for the names of all franchisees in your area and go talk to them.

TOP TEN DON'TS
1. Don't permit any expert to decide for you whether or not you should buy a business.
2. Don't buy a business or franchise without your lawyer approving all documents.
3. Don't buy a business or franchise without your accountant reviewing their records.
4. Do not rely on information or advice from franchise or other selling agents.
5. Do not rely on pro-forma financial statements (future predictions.)
6. Don't be in a rush. Wait patiently for the fat opportunity by looking at lots of them.
7. Don't rely on the seller's evaluation of inventory and other assets.
8. Do not deal with start-up or poorly experienced and financed franchisers.
9. Don't hesitate to walk away from a deal that is not a potential home run.
10. Don't overlook comparing what you can do as an individual vs. as a franchisee.

Buying a Business