What You Need To Know Before Buying A Condo – Ship sales hit a 13-year high in 2020, and many potential buyers have placed themselves on waiting lists. Have you also been bitten by the ship bug?
If you are a first-time boat buyer, how do you know if now is the right time to buy a boat? Start by asking yourself these questions to make sure a boat is a good investment for you and your family.
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What You Need To Know Before Buying A Condo
Start with your intended use – and what type of boat you intend to buy. Are you most interested in fishing? Wakeboard with kids? Entertaining friends? Boats aren’t as universal as you might think; be sure to narrow down how you hope to enjoy the water before you start seriously looking.
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Are you okay with searching a more limited used market to get more bang for your buck? Or would you rather buy the boat you’re looking for, complete with a manufacturer’s warranty?
The initial purchase price is just the beginning. Experts estimate that regular maintenance accounts for about 10% of your boat’s cost per year – and this number can be higher if your boat is older or more fancy. Also consider taxes, registration, boat insurance, updates, safety extras and storage fees.
The tethering options are endless, but they come at a price. For wet storage, consider reserving a slip, which is essentially a parking spot on the lake. But beware: Your marina may have a waiting list. Do you have room to keep your boat in your garage or on a trailer outside? And will your HOA allow it? If not, you will need to investigate self-storage facilities or dry compound storage facilities.
A whimsical lake getaway seems like a dream idea today, but is it realistic for your family, your lifestyle, and your budget? Think seriously about how often you would use it and whether it is worth owning the boat. If you’re not sure if boat ownership is really for you, renting might be a good option to get your feet wet.
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Have you ever bought a second-hand car that you haven’t seen before? We didn’t think so! Use the same common sense when buying a boat. We’ve listed the questions every prospective boat owner should ask a broker or seller.
If you have decided on a new boat, congratulations! No matter what type of boat you decide on, from a ski-board to a wind-powered sailboat, we can help protect your new boat and the countless memories you’re sure to make. Just call your Farm Bureau agent today to determine which coverage is best. Buying an existing business is a very different endeavor than starting your own business. And it’s important to carefully consider all the pros and cons and know what to ask, both yourself and the business owner, the right questions before you finalize your purchase.
Just like starting a new business from scratch, not taking the right preliminary steps can result in poor performance and even closing the shop. So check out these questions to get you started on the right foot.
Before we get into the specific questions to ask when considering buying a business, let’s cover some of the basic pros and cons of doing so. Many entrepreneurs are torn between starting their own and buying a business, so hopefully this section will clear some things up.
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It’s already a proven business model – this is probably the most compelling. Buying a business that has been successful for years means that the model and customer base are established, making future success more likely.
Easier to get started – Again, a proven business model means you can take a lot out of the startup equation: business plan, market research, marketing, site planning, etc. Sometimes fewer options make everything a lot easier.
Branding is established – Establishing a brand is one of the most challenging, time-consuming and expensive aspects of running a business. It takes creativity, ingenuity, and often years to get a brand off the ground. Buying an existing business means you don’t have to worry about that.
It’s easier to get financing – banks and other lenders are more likely to offer loans to businesses with a proven track record. Securing a loan for further locations or store improvements will be much more feasible if you are buying an existing business.
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You have a current customer base – While some customers may leave after the business is transferred to a new owner, the vast majority will likely stick around (as long as nothing major changes). Securing a solid customer base takes a lot of unknowns out of the equation.
It can be expensive – Buying a successful and proven business comes with a high price. All of the above benefits will make your success more likely. You get what you pay for and in this case you will pay a lot.
You may need to make some big changes – Even if you are buying a successful business, you may need to make changes. They can be expensive, met with hostility from existing employees, or difficult to implement.
The business could be a complete sham – With proper research and due diligence, it is unlikely that you will be scammed, but there is still a chance that the business may not be as successful as advertised.
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You lose the ability to be creative – Much like buying a franchise, buying an existing business takes some of the fun out of creating your own and adding character.
Ok, now let’s turn to the questions that entrepreneurs should ask to start this process. And before you even talk to a business owner, you should check with yourself to make sure you’re making the right decision.
This is the most important. You need to consider the pros and cons above and figure out which option is better for you.
If you’ve narrowed down the list and have a few businesses in mind that you’re considering buying, ask yourself why exactly you want to buy this business. Don’t let yourself get lucky and buy any business that comes your way. Make sure it’s one you’re passionate about.
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This is another important one. You can rely on your years of experience as much as you like, but it’s always helpful to get advice from the people around you. Ask friends and family for their input.
Once you feel confident in your motives, know exactly what you’re looking for, and have found a viable option, it’s time to ask the existing business owner some questions.
While some of you are looking for businesses to fix, many are looking to buy an established, successful business. So with that in mind, you should ask them why they are selling. They built the company, made it successful and returned a large profit. So what gives? This can help you identify some red flags early in the process.
Of course, you’ll want to know how long the business has been around and something about its history. Talk to the current owner about how it got started, their role in running the business, and some of the obstacles they’ve had to overcome. Of course, it is great to buy from a firm that is well established and proven, but this will come at a higher price.
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Although any aspiring owner probably knows that it will take a lot of hard work and persistence to be successful, it is still important to have at least a little work-life balance. Discover more details about exactly what your role as an owner would look like. This will also allow you to better plan hiring and scheduling down the line.
Even as a business owner, you will still need to pay yourself a salary. It’s important to establish this expectation from the start so you know if it’s feasible for your current personal financial needs.
While talking about money is rarely fun, it is of course vital in the business buying process. You’ll have to go into a little more detail to determine how effective the surgery really is.
This is the one to start with. A business owner trying to sell a business for a fair price will have no problem letting you look under the hood and see how profitable the operation is.
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You want to make sure that all the accounting over the years has been done correctly and legally. Make sure all tax returns, cash flow, balance sheets, payroll, write-offs, etc. add up and not look suspicious. You don’t want to buy a business that secretly prepares the books.
If you’re not sure how the financial end of things looks, don’t be afraid to suggest an audit from someone not involved on either side. If the owner doesn’t agree with that, that’s a definite red flag. An external audit is the surest way to get an accurate assessment of your business.
You want to know about any debts and assets that may come with the deal. As for debt, this could include mortgage rates, leased equipment, ordering
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