Buying an already owned business has proven to be an effective way to become a business owner. Your reason is also very valid–starting from scratch is not so simple. You should however note that as you are buying a business, you are buying the customers, the assets as well as the liabilities. It is then important to do proper research on the business before you acquire it. There are business marketplaces that have will do adequate due diligence before listing the businesses.

Here are some things you should be on the lookout for:
Valuation of the business: Besides knowing the price of the business, you should consider how that particular valuation was derived. This is necessary to avoid paying huge amounts of money for a business that will not meet your expectations.
Financial Records: A look into the financial records will give you an insight into what the financial status of the company looks like. You will get to know whether they are making profits or making losses.
Feedback from Stakeholders: Feedback from employees, customers, and suppliers can prove invaluable in the acquisition of the business because they see beyond the numbers. They will also help you understand the working culture in the company and also identify the strengths and weaknesses of the business.
Status of permits and licenses: You should also check with regulatory bodies and agencies about the status of any business you want to acquire. You have to be sure those licenses can easily be transferred and they won’t result in legal mitigation in the long run