The advantage of buying an existing business is that it is already established in the market. It has customers and is carrying on business. You avoid the hassle and expense of starting from scratch. The trick is finding a business that fits your desires and capabilities. Is it the kind of business you want? Can you afford it? Can you operate it? Is it profitable? Does it have a good reputation?

Make sure you work with an SBDC consultant and a tax professional to understand the value in what you are buying and ensure there is information and systems in place to help you take over. Your attorney can prepare a buy/sell agreement that aligns with Idaho law.

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