Happy Sunday! Welcome back to SUNDAYS & BUSINESS. This week features Neil Greenbaum Business & Commercial Real Estate Lawyer at Greenbaum Law Firm, who shares his insights on the 3 Reasons Why You Should Buy a Business.
90% of businesses fail in the first 5 years.
Most businesses fail. 20% fail within the 1st year and 90% within 5 years. How do you beat those odds? By buying a business that’s been around for 10+ years. It’s beaten the 'failure odds' and operates successfully long-term.
You can finance the purchase.
Start-ups require a lot of money. Most raise capital by offering equity to friends and family. If you buy an existing business, you avoid giving up equity, as it's easier to secure financing when there are years of profitable financials.
The business is already staffed up.
Many startups fail after they try to grow and add more staff. Onboarding new hires is difficult. Buying a business provides an existing staff that's already trained in their position. This dramatically increases the odds of having a successful business.
We hope you found this week’s episode insightful and helpful.
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Have a successful week ahead!
