Buying An Existing Business Part IV of IX

Your Business Plan

A good business plan is clear and concise document and it lays out your goals and plans.

Every business needs a business plan and every business needs to keep their business plan current. It will serve as your guide to reaching your goals and getting what you want from your business.

A business plan is usually essential early in the process of purchasing a small business.

A good business plan will define your small business’ specific mission and objectives, ownership, market, sales focus, management team, financials, and strategy. Because of the uncertainty involved in the purchase of an existing business, the business plan is particularly important.

At this point we merely set some goals. Later, after zeroing in on the specific business we are buying, a more detailed plan will be constructed.

Taking the time to put your business plan together requires your thinking about how you're going to operate your business and what you want from your customers.

Many business plans have a similar outline and contain similar information about a business, your business plan, however, should be unique to your business.

If you have a existing business selected you may be able to start with the information from the present business owner. In fact there may already be a prepared business plan that will save you much time.

Below is a brief outline of what a business plan should include. Use this outline for information only. For a detailed business plan for your business visit the SBA on line and PaloAlto Software for some excellent samples.

SBA on line:

SBA Home:

PaloAlto Software:

Who To Involve:
During this process of preparing your business plan you should get your lawyer and accountant involved in this process.

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