How I bought My First Business : A Lesson In Business Acquisition

Part I

The year was 1990; I have moved with my family to Atlanta to explore the business opportunities and settle my family in a comfortable setting. I had grown tired of New York City and wanted a different environment. In New York City, I had a corporate /management job, but always wanted to have my own business and control my own destiny. I have always believed that one should always have a side hustle  to generate additional income and not to depend solely on the corporation for your entire livelihood.

I remember that while I held my corporate job in New York City, I was buying and investing in Real Estate in Jersey City. Through short courses and mentoring, I had developed a familiarity with entrepreneurship and all its attendant opportunities and challenges. I was also developing my wealth building mentality!

During these times, I was researching and looking into businesses that I can buy instead of staring one from scratch.  There are four ways to go into business - a) you can start from scratch, b) buying an ongoing business, c) buy franchise, d) or join a network organization.

I decided to buy an ongoing business because an ongoing business can start generating and bring cash from day one.

There is an "instant income" feature when you buy an ongoing business: That is when you take over the business on Thursday you can have cash on Friday. Here are some advantages  for buying an going business:

1. An "instant income" i.e. you receive the income the  day you take over business

2. An income facility - allows you to operate other businesses if possible

3. The possibility of growth - you have the chance to grow the business and if you bought the business with the property, the possibility of building appreciation

4. The name of the company is already  known - the company has a reputation in the community -

5. You can use the assets of the business as leverage to expand the business -

This will be continued in PART II of the blog next week...