---
title: How To Buy A Business To Be A Woman Business Owner
description: Every woman can be a woman entrepreneur whether or not she has an innovative idea- Buy a business and be your own boss.
image: https://vickidonlan.hs-sites.com/hs-fs/file-29486191-jpg/images/womans_business_boutique-resized-600.jpg
---

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# Women's Business Blog

# How To Buy A Business To Be A Woman Business Owner

Posted by Vicki Donlan on Fri, Apr 12, 2013 @ 09:04 AM

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So much is written about [entrepreneurs](https://vickidonlan.hs-sites.com/Womens-Business-Coaching/) with innovative ideas that take the business world by storm one would think that this is the ONLY way to be a business owner. The fact is most new business owners purchase an established business to start their career as their own [boss](https://vickidonlan.hs-sites.com/Womens-Business--Health-Coaching/). This is particularly inviting to women who have spent their work-life working for other people and have the talent, experience and financial resources to hit the ground running, but don't have a desire or idea to invent something new. ![woman's business boutique](https://vickidonlan.hs-sites.com/hs-fs/file-29486191-jpg/images/womans_business_boutique-resized-600.jpg?width=250&height=142&name=womans_business_boutique-resized-600.jpg)

What they do have is a lifetime of tried and true knowledge to be successful as their own boss - So, what to do? Buy a business! Let me tell you how.

First, as a [woman in business](https://vickidonlan.hs-sites.com/Womens-Business-Coaching/) you must know what your strengths and weaknesses are. Perhaps you are a detail-oriented, get the job done kind of gal. This means you have strong operational skills and, most likely, will be great at picking up where another business owner leaves off - assuming that the seller has key employees handling the other areas of the company, such as sales, marketing, R & D, etc. who planned on staying after the sale.

Buying a business that requires attention to detail and strong management skills is something only a women with those strengths should consider.

On the other hand, if you have spent much of your business life working in sales, you too can be successful as a [woman business owner](https://vickidonlan.hs-sites.com/Womens-Business-Coaching/). Strong sales types tend to know how to grow a business by moving products and/or services out the door quickly. However, sales types generally need help in the day-to-day management of the business and this role must be filled before purchasing the company. Again, either by keeping a key employee on to do general operations or hiring someone day one with appropriate experience in the industry.

When it comes to purchasing a business I can't say enough about having the people with the right experience for the right positions. As a new [business owner](https://vickidonlan.hs-sites.com/Womens-Business-Coaching/), you will be busy enough juggling the responsibilities of leader, manager, boss, human resource director as well as whatever your role at home may be.

Once you have determined that you have the appropriate talents to operate the business, you must do your due diligence to make sure that the company that is being presented to you actually is what the broker or seller says it is.

A Quick Checklist: past 3 years P&Ls; past 3 years tax returns; all leases, including equipment (or proof of purchase); all software (licenses etc.); all contracts (employees, customers, vendors); and ask for a meeting with the landlord if there is one. Of course, if you are still interested in the business, and you haven't done so already, get a purchase team together: lawyer, accountant, business broker and financial planner.

Purchasing a business is much more than being your own boss. If done correctly it provides a 'wannabe my own boss' woman with job security, financial independence, and an opportunity for personal growth and gratification.

Even small business purchases require due diligence and time for understanding every aspect of the business model. Most sellers will offer a set amount of time that (s)he will be willing to stay on to assist in the transition. And, today due to the current banking conditions, most sellers will (have to) take back paper in the sale. In other words, (s)he will partially finance the purchase price. Therefore, it is critical to your future success that you are amicable with the seller. (S)he will be in your life during the transition and for as long as it takes to get paid back (this period can be anywhere from 2 to 5 years or maybe longer). For this reason, it is always best to have the purchase price negotiated by a business broker, lawyer or accountant - someone other than yourself so personalities are kept out of the discussions.

The buying process can be exciting and rewarding, particularly when a seller is ready to move on and the buyer is ready to move up. Nothing is more rewarding that to see a business transferred to a [new owner](https://vickidonlan.hs-sites.com/Womens-Business-Coaching/) who brings renewed passion and innovative ideas to take the company to the next level. It happens every day - I promise!  You just don't read about it as it isn't as sexy as the story of the next BIG IDEA on Shark Tank.

So, ask yourself - are you ready to be a woman business owner? Do you have what it takes to run your own company? Are you ready to control your own destiny?

Only you know the answer.

[![Click me](https://no-cache.hubspot.com/cta/default/77150/045a50c3-8f23-4152-9dc6-901b871a3753.png)](https://cta-redirect.hubspot.com/cta/redirect/77150/045a50c3-8f23-4152-9dc6-901b871a3753)

 Topics: [woman in business](https://vickidonlan.hs-sites.com/womens-business-blog/topic/woman-in-business), [small business owner](https://vickidonlan.hs-sites.com/womens-business-blog/topic/small-business-owner), [woman entrepreneur](https://vickidonlan.hs-sites.com/womens-business-blog/topic/woman-entrepreneur)

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