Buying an existing business is an excellent way to kick-start your entrepreneurial journey. It is also a tremendous way for an established business to take itself to the next level of success.

Regardless of industry, there are many opportunities for business owners to accelerate their revenue, market, service, or product goals by purchasing an existing business from owners that want out of the industry or are ready to retire.

Starting a business and then slowly and methodically growing it organically can take a long time. It’s also typically a massive time commitment for the owner. While there is nothing wrong with a slow burn and many successful businesses have operated that way, many business owners don’t want to wait. They want to leverage an established system or process, name, customer list or team. This is actually how I grew my business.

Buying a business is not to be done on a whim. Like everything, you get better results with a plan. What do you know about the previous owner? the financials? their systems? their customers? their team (employees)? Do you want to buy all of those, or just cherry-pick the best parts? How do you know if you’re paying the right price? And how are you going to pay for it?

The first step is to identify why you want to make the purchase. When you know why you can reflect on it every time you need to make a decision. If the decision supports your why then do it. If it detracts from your why, then you probably should not, or it may be necessary to re-examine your why.

The best part of buying a business is that there is no one way to do it. I believe that if you set out to create a win-win for all involved, then anything is possible. I have seen amazing deals where the buyer and seller were both over the moon with their arrangement. I’ve also seen things fall apart because it was ill-conceived and rushed. The difference in outcome is almost always as a result of the presence or absence of a purposeful plan.

COVID-19 Update From Brown Lawyers

Brown Lawyers is pleased to offer legal services to our community by telephone, videoconference, and in-office appointments. In-office appointments will be held in our large board room to help maintain physical distance. The room is cleaned throughout the day and before and after each appointment.

Anyone entering our building must wear a face covering which covers the nose, mouth, and chin as required under City of Hamilton By-law 20-155, unless exempt.  Exemptions include children under the age of 2 and those who are unable to wear a face-covering because of a medical condition or a disability.  No proof of any of the exemptions is required.  For more information on the By-Law including the full list of exemptions, visit https://www.hamilton.ca/coronavirus/face-coverings-and-masks-by-law

Non-medical masks will be available at the building entrance for anyone who needs one. Upon entry, simply let us know if you are exempt.  For anyone self-isolating in accordance with public health guidelines, we will implement customized procedures on a case-by-case basis to ensure that all members of our community can access critical legal services.