Offering to buy another person’s business can be a touchy proposition. The first step is to pay a visit to the property. Keep a keen eye on whether the establishment has been well maintained. Conduct research on the business, looking at its pricing, product, reputation. Next up, contact the owner asking if he would be interested in discussing selling his business. During the first meeting, ask the owner specific, but not proprietary, questions. Finally, if you are allowed to conduct a due diligence, use your research to determine a realistic annual profit after you start running it.
