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Dec 12, · Plan for a new business or an existing one? As you plan for the business you purchase, you start by making an important choice: business plans can be either for startup new businesses or for already-existing and ongoing business. When you buy a business from somebody else, either option is acceptable. This is a choice you make/5(4).
But when you purchase an existing business, the "dirty work" has already been done. If the business you want to buy offers a product or a service, you can evaluate the operating history and better understand the demonstrated market.
We would like to show you a description here but the site won’t allow us. Whenever you take out a loan to buy a business, there is a high chance that your lender will want your business assets as collateral. If you pledge your assets as collateral, the lender will likely file a UCC lien to make sure any future financing you want to get is aware of their claim to your assets.
Jul 11, · Expert Reviewed. How to Write a Business Plan for a Small Business. Three Parts: Preparing To Write Your Business Plan Writing Your Business Plan Finalizing Your Business Plan Community Q&A A business plan refers to a written document that comprehensively outlines what your business is, where it is going, and how it will get there%(). There can be many good reasons why buying an existing business could make good business sense. Remember though, that you will be taking on the legacy of the previous business owner. You need to be aware of every aspect of the business you're about to buy.