Some entrepreneurs, like Mark Zuckerberg and Oprah Winfrey, are able to capitalize on a great idea. But founding a startup is not the only way to own your own business. Another entrepreneurial pathway — and one with a greater likelihood of success — is to purchase an existing company. You already have cash flow, a skilled workforce, established suppliers, the necessary licenses and permits, and a customer base. Meanwhile, the business is yours to shape and grow.
Now Is the Time to Buy an Existing Small Business
In the next two decades, retiring small business owners plan to bequeath or sell .
Small Business Administration loan rates are low, with the SBA 504 loan rate .
Richard Ruback, a professor at the Harvard Business School, estimates that there are in the U.S. alone.