Should I Start a New Business or Buy an Established Business?
In most cases, our recommendation is that you buy an established business, as 57% of “new” businesses fail within the first 3 years.
While an established business has a built-in market base with recurring revenues, proven products or services and tested locations. Most of the time, an established business can be successfully transferred through adequate training and a planned introduction to employees and existing customers and vendors.
And often, new owners take their recently acquired business to the next level by injecting fresh ideas, better management and a renewed energy and passion.
As many businesses are sold due to illness, retirement, partnership disputes, desire to downgrade, or because the owners are not longer challenged.
