Caveat Emptor

Let me explain.

by: paris barrie


The purchase. I suspect that when there's an economic downturn, there's a greater interest in self-employment. Now, mind you, I've never done a formal study. So, please don't check statistics here. It just makes sense to me. When one has lost one's job, and the replacement job is not waiting in the wings, one feels the need to take control.

I have some advice: SIT ON IT, FIRST (entrepreneurs.about.com/.../buyingabusiness/Buying_a_Business.htm). Don't make any rash decisions. Weigh the options. Explore the territory. Just maybe, you are taking control, when you decide NOT to act on a purchase.

Because buying a business is first and foremost, an expensive proposition.

But, if you decide to proceed, move ahead with caution. In other words, caveat emptor.

Yes, that's right. Be aware of what you are buying (http://www.reuters.com/article/2009/03/26/businesspropicks-us-findlaw-buying-a-bus-idUSTRE52P6KP20090326.) Kick the tires, so to speak. Cause you're going to be living with this decision for a period of time, right or wrong.

And in our case....well, it wasn't the best decision we ever made. It was, when all was said and done, a decision based upon fear. Never the optimum basis on upon which to formulate a purchase.