Replies

1. 
   numbfinger | May 04, 2004 02:54am | #1

   Buy my entire woodshop and then advertise :)

2. 
   Michmesquite | May 04, 2004 07:57pm | #2

   Trade journasl are a good source. Suppliers are also a good source because they know who is in trouble, and less likely, who wants out.

   Most business brokers are only familiar with collecting a commission check. Unless you see a business offered for sale by a broker, I would pass on that route.

   If you want to buy a business, hire a competent small business CPA to review the books. Demand to see a customer and supplier list and interview, interview and interview. If you finally get to the point of making an offer, buy it for as little cash as possible and give the balance in a "NON-RECOURSE NOTE". Anything else and you are buying long-term trouble.

   If you are new to business and to woodworking in general, then you might want to look into buying a partnership interest with an option to buy out the original partner when you feel ready to take on the business entirely. Again, the comments in the above paragraph apply. 

   _________________________________

   Michael in San Jose

   "Let no one be slow to seek wisdom when he is young nor weary in the search of it when he has grown old." Epicurus

1. 
   jfc1 | May 05, 2004 01:03am | #3

   Michael,

   I'll check around with some local (Chicago) suppliers).  Thanks for the advice on the due diligence as well.

   Jerry