It's no wonder so many entrepreneurs are eager to purchase a retail business: retail continues to be a thriving, growing part of the national economy. And, buying a preexisting retail establishment, rather than starting a new one of your own, allows you to capitalize on a store's existing brand recognition and customer base.

Business advisors and realtors are both professionals in their given sectors of industry, often overlapping duties during the acquisition of a business. But after the acquisition or sale of a business and its property, the commonalities cease to exist. Here are the key differences between a business advisor and a realtor, and why these differences should matter to you.

Whether you are purchasing a business for the first time or expanding your existing business by investing in another, effective financial planning is essential in the successful acquisition of a business. Financing this purchase doesn’t have to cause unnecessary stress. Knowing when to ask for help sets you up to complete the purchase of a business with ease. Ensure you complete these four tasks beforehand, and you’ll be well on your way to a successful purchase.

The food industry is one full of constant change, excitement, and expansion. As an industry which serves to fulfill one of the most basic human needs, a business purchase in the food industry can be successful from day one when you know what elements to look for. Food service is an industry chalked full of purchasing options such as dining establishments, fast-food chains, and food production. Realizing the various elements and components within each sub-industry, and knowing how to value a small business for purchase will help any individual buyer make the optimal purchasing decision.

Once you've decided to become a business owner, it's safe to say you've made the first of many important decisions. If you've already begun your search you might have uncovered the fact that there are A LOT of businesses available for purchase in Minnesota. Below, I'll share some strategies for narrowing the field.

Have you set a New Year's resolution for 2017 yet? Oftentimes, I see friends, family, and colleagues setting goals for ways to make their lives better in some way or to change a habit they've been meaning to let go of. While that's all great, I see resolutions a little differently. First, I ask myself this question:

Buying a business is perhaps the most surefire way to become your own boss. Why? Because as the owner you are the key decision-maker, instantly becoming the head of a company. It’s less about climbing the corporate ladder and more about finding your own ladder. Do you want to be your own boss? Let’s talk about it.

When you’re a business owner, the end of the year tends to look a little different for you than for the rest of the world. While others focus on the changing weather, upcoming holidays, visiting with loved ones, and eating comforting meals, you’re more likely to be crunching numbers, meeting with your accountant, and balancing an annual budget.

Beyond uncovering a business listing that fits what you’re looking for, how do you know you’re working with the right business brokerage company? Don’t get me wrong, the business in question should always remain top priority, but while you’re researching, negotiating, dotting your I’s, and performing due diligence, who do you want at the table next to you?