While I haven’t purchased a company, I’ve started a business and grew it to 15 employees.
My biggest suggestion would be don’t go into a business that you don’t know anything about. For instance don’t open a restaurant if you’ve never worked in or run a restaurant. Every business/industry has its own special considerations and not knowing anything about the business makes success far less likely.
Second, don’t go buy any business that is sexy. For instance, creating new solar tech is sexy. Installing solar panels is not. I have a close friend that purchased a small temp personnel agency. She’s done well with it. Another friend (well probably more aquaintance) purchased a uniform supplying business and did well with it.
Also why buy a business? Why not start one? Often it’s much cheaper. Keep in mind, someone selling a business has lots of insider information and they want out. Why?
And lastly, while I can understand you don’t like working for “the man”, don’t for one minute think that running a business is the ticket to easy street. And if you’re hoping that it will be different because you’ll be in charge, let me disabuse you of that notion. You will not be in charge, your customers will be in charge.
If you get farther along, I can post a bit about pricing a business which is a whole other subject.
