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So, what’s the lowdown on buying a business that’s already up and running? The best things are

  You can look at the financial records for this business and know roughly what to expect: Although the financial records of the past are never a cast-iron prediction for the future, they’re usually a good indication.

 Existing businesses come with established customer and supplier relationships: Customers are the gold nuggets of any business and so, by buying an existing business, you get your very own pot of gold. Existing supplier relationships are also a valuable resource that allow you to conduct your business in the most efficient and reliable way.

 You’re (hopefully) buying something that works: If the business you’re thinking of buying is profitable, chances are the owners have arrived at a formula that works. This formula probably has several ingredients such as good staff, solid management, established premises and (if relevant to the business) stock lines that sell.

 You can make money from day one: If you want instant sales and instant profit, buying a business — as opposed to starting a business from scratch — is the way to go.

 You can sometimes score a bargain: It’s true! If a businessperson has had enough of running the business and wants to sell up, occasionally the asking price is very reasonable. You may find a business owner so desperate to get out that they ask for nothing for goodwill and, instead, ask only for the value of the business assets.