Best Businesses To Buy
Four Businesses To Consider Buying
The urge to be your own boss is a powerful one, but how do you decide on a business? Vicky Layco, senior escrow officer at The Mechanics Bank, offers this short list of her favorites:
1. Coin laundry: “Personally, this is my favorite”, she says. “You don't need a 24/7 personnel to oversee the business. Hire a part time retired person to clean up and make sure the machines are working. Although the business is cash only, your personnel cannot steal from you unless they break the coin machine. With proper maintenance it could give you a lot of income.”
2. Gas station: “If you are buying a franchise gas station you'll need experience as an employee or an owner to be approved by a major oil company, even if you have the cash, but it's a good business,“ she says. “You can look for an independent gas but they are usually hard to come by.”
3. Restaurants and Liquor Stores: ”These are my next choice. The most important thing is to check the seller's tax return, not his books,” she says. “A seller might doctor the books to show good income but not the IRS return.”
4. Mail Boxes, Etc.: “Again, check the seller's tax return,” she says. “But this could be a good income producer without requiring a lot of specialized expertise.”
See Also:
Why Some Businesses Fail
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