Crossing the 60-year-old threshold puts you either into retirement age or close to it. However, cashing a Social Security check or retirement package doesn't mean you're ready for a permanent vacation. On the contrary, seniors are among the most active people in Virginia, and this financial freedom could open you to the challenge of starting a business venture.
While you may have been working hard to pay the mortgage and provide for a family much of your life, this is your time. Few things are as satisfying as doing personally rewarding work, and maybe this is the time to open that business you've been dreaming about.
Your new business may not need to be wildly successful but, at the same time, it should buttress an established financial portfolio. While you have many options, if you are thinking of purchasing an existing business, it is important to do your due diligence with the assistance of an experienced business attorney.
Benefits of taking over an existing business
Buying an existing company can transition to into the role of an independent entrepreneur, but without the startup dangers. Consider these potential benefits to buying into an existing business:
- Network: Your small business may come with an established network of customers, supplies and vendors. Your success may be more likely because of the existing brand's recognition.
- Training: Starting a company from the ground up means hiring employees and establishing best practices, usually from scratch. Established businesses already have these methodologies in place and good employees may already be in place. You may have the benefit of learning from them.
- Financing: It can be easier to gain financing for an established brand or business. While many startup businesses fail, existing businesses can years of profit and loss data and a proven track record. Banks are far more accommodating when a company is already in the black.
- Rate of success: Existing businesses should have already done some of the hard work for you; earning a reputation for success and having an established path is may continue to trend positively.
- Marketing: Businesses go to great lengths to build a trusted image and reputation. They achieve this through consistent products, pricing and adhering to best business practices. Previous and ongoing marketing campaigns connect with your future customers. You can benefit from that even before assuming ownership.
Get The Right Legal Professional On Your Side
As you think through the process of starting a new (to you) business, consult an experienced business lawyer who can guide you at every step of the way. There are many legal pitfalls that the right attorney can help you avoid.