Don’t be tempted to take shortcuts. It’s important that you follow a sound business purchase process in order to get the results you’re after. The first step in the business purchase process is determining your goals.

When you’re not sure what you want, it is tempting to take a look at everything. After all, the perfect business might be one you never would have thought of, right?

Actually, you are much more likely to find a business that suits you if you know what you want. If you are working with your own business broker or mergers and acquisitions professional, you will probably complete a profile to give you and your advisor a narrower goal. If you are searching for a business on your own, you can create your own profile by thinking about your likes and dislikes, strengths and weaknesses, and answering questions such as:

• What do you want your life to look like after you buy the business?
• What activities would you enjoy doing in the business?
• What industry or industries do you want to look at?
• How much money does the business need to bring in?
• Is it important for the business to have a strong management team?
• Are you willing to move for this business?

These questions do not cover everything you need to consider but they will get you started. Remember, the more you follow a sound business purchase process, and the more you know about your ideal business, the easier it will be to find it.