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So, what are the possible pitfalls of buying an existing business? Consider the following:

 You have to pay for goodwill: Not only does paying for goodwill chew up precious capital but many business owners also overestimate the worth of their business, meaning that you risk paying too much. (Don’t worry, I talk about business valuation methods in the section ‘Valuing an Existing Business’, later in this chapter.)

 Goodwill may be linked more to the owner than you realise: A hairdressing salon is a good example. Sure, the salon may have solid sales and great goodwill, but are customers going to leave in droves because they’re attached to the previous owner’s way of styling their hair?

 Unwanted baggage: Some businesses come complete with an inherited set of problems such as a particularly difficult staff member or a poor reputation for customer service. Turning around difficult behaviours or a poor culture of customer service can be very challenging.

 Your ‘dream’ can be compromised: If you inherit someone else’s way of running a business, things are going to be a little different from if you start from scratch.