You've found the perfect opportunity: an established business with a customer base already in place in a field you're passionate about. And it's for sale! But you're not sure if you can afford it.

Among the most valuable tools for determining the value of a businessis its balance sheet. It can reveal some very telling information about the company if you know what to look for.

Have you been contemplating buying a business lately? There are lots of opportunities available in Minnesota right now. The advantages of becoming a business owner are innumerable. Here are just a few:

When buying a business, some entrepreneurs are only looking at it as a source for future ongoing income, or as a way to replace a regular salary. For them, the business' potential for growth is less important than its ability to produce steady revenue.

The reasons behind what motivates a business owner to decide to sell can be as varied and diverse as the ones that lead someone to put their home up for sale. While the decision can be very personal and there's no obligation to disclose the reason the business owner is selling, it can have some important significance to the new business owner.

When you are beginning the process of buying a business, you want to know as much about it as possible so that you're fully aware of what you're getting into and you can make an informed decision. The trouble is that you don't know what you don't know. That is to say, that you can't possibly find out everything there is to know about the company, nor can you foresee what detail or aspect you’ll later wish you'd had knowledge of.

You're purchasing a business. Congratulations! No matter how much experience you have and what talents you bring to the table, chances are, you have a steep learning curve ahead of you. Your new business may have its own unique processes and systems. That's just part of the reason why obtaining support and training from a previous business owner can be very valuable.

One of the most useful tools to examine the current state of a business and where it might go in the future is to do a SWOT analysis. Let’s examine why.

A non-disclosure agreement, or NDA, can be a very valuable document during the purchase or sale of a business. Perhaps someone has brought up the idea of drawing up an NDA during your current negotiations to purchase or sell a business, and it left you wondering if one is really necessary. Our opinion is that it is, and here's why.