There’s a huge learning curve when it comes to buying your first business. Not only is the process long, but without the right guidance, it’s easy to make poor decisions. And one bad decision can make or break the long term success of your investment. One of the best ways to ease the anxiety and build your confidence in making the right buy decision is to learn from the mistakes of others. In this post we’ve curated a list of articles that outline some of the most common mistakes business buyers make. A few common items that we found on more than one list:

• Buying more business than you are financially prepared to handle.
• Making too many changes too soon in your new business
• Not doing your due diligence (including proper financial analysis and forecasting)
• Not having the right business structure - buying a business in your own name

• 7 Mistakes Made When Buying a Business
• 14 Common Mistakes To Avoid When Buying a Business
• Top 10 Mistakes Made When Buying a Business
• These are Six Common Mistakes Business Buyers Make
• Avoid These Five Mistakes in Buying a Business

Bonus Links:  if you’ve already purchased a business, you can learn from these articles we found on mistakes that new business owners make.

• 10 Fatal Mistakes Most Small Business Owners make
• 27 Real-Life Small Business Mistakes and What They Learned (Three Part Series)

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By definition, an Employee Stock Ownership Plan (ESOP) is a qualified retirement plan (like a 401(k)) that buys, holds and sells company stock for the benefit of the employees, providing them with an ownership stake in the company. Selling to an ESOP has a number of benefits as well as complications.

We found a great site that can enlighten would-be business sellers about the process: ESOP Partners. You can start here by reading the benefits of an ESOP: http://esoppartners.com/benefits-of-an-esop/

Then we picked a few articles to get started with exploring this option for selling your business:

• The Benefits of a Preliminary ESOP Valuation
• Selling to an ESOP Improves Corporate Performance
• S Corporation ESOPs Benefit Workers, Business, and the Economy
• Selling to an ESOP Enables a Business Owner to Defer/Avoid Taxation
• Selling to an ESOP Enables a Business Owner to Sell While Retaining Control of the Company

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We’ve outlined a four-step process to help you decide which exit option is best for you. This process will ensure that your exit options are consistent with your personal goals and take into account the realities of your company and the current marketplace. 

Tags: selling a business, ESOP, exit strategy

Advice for anyone looking to buy a small business in the United States.

Tags: buyers, small business, buying a business, sba, franchise

With over 150 years of experience in the business brokerage industry, it is no surprise that Calhoun Companies has a proven track record of successfully serving clients. What may be a surprise is the number of agents who have been with the company for more than 10 years!

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In today’s recommended reading, John Warillow, author of Built to Sell outlines seven reasons it makes sense to sell your business now.

Tags: business owners, selling a business

Thinking about buying into a franchise instead of starting your business from scratch? Great idea! Here are some tips on what to look for...

Tags: business buyers, small business, buying a business, franchise

Calhoun Companies gives back by serving at Feed My Starving Children (Chanhassen) packaging and boxing meals - In just 2-short hours they packed enough to feed 46 children for an entire year in Haiti.

Tags: service, team, community

If you are considering buying a business, here are 12 reasons that it makes sense to use a broker or agent rather than go it alone.

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In an enlightening post from John Warillow, author of Built to Sell: Turn Your Business into One You Can Sell, the business expert highlights four unconventional truths for those considering selling their business.

Tags: advice, negotiation, selling a business

As co-owners of Calhoun Companies, one of the oldest business brokerage firms in the Midwest, the father and son team are proud to continue the same consultative approach to selling or buying a business that has made their company great, while at the same time incorporating new technologies into their business approach.

Tags: business brokerage firms, Calhoun Companies, commercial real estate and business valuation, business brokerage

It's a given that a good business plan is critical if you are starting a business from scratch. But what about when you are buying an existing business? Tim Berry of Palo Alo Software (which specializes in business planning tools) has some great suggestions to consider when planning to buy an existing business.

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If you are planning on selling your business, one of your top priorities should be to make sure you are positioned to get the best offer. Serious buyers recognize a valuable opportunity when they find it, so it is up to you (and your broker) to make sure that your business looks like a good investment in every way possible.

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The boomer generation spans many years creating a unique situation in the business world. Aging boomers are looking toward retirement, while many younger boomers find they're ready to be their own boss. For those younger boomers, and others looking to be a business owner, buying an existing business is a great option.

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