Five Questions to Ask Yourself If You’re Thinking of Buying a Business

Buying a business can be one of the most rewarding moves of your life—but it’s also one of the most complex. Whether you’re looking for a career change, a way to be your own boss, or to build long-term wealth, you need to make sure the opportunity you pursue is the right one for you.

Before you dive in, here are five important questions you may want to ask yourself.

1. What’s My Real Motivation for Buying?

Start with why. Are you looking to leave a corporate job? Build equity? Create a family legacy? Maybe you’re an investor looking for stable cash flow.

Understanding your true motivation helps guide the type of business you should buy—because not every opportunity will align with your personal or professional goals.

Why a broker can ease your search:

A broker will ask the right questions early on to help you clarify what you’re really after. This helps avoid wasted time looking at businesses that don’t align with your vision or skill set.

2. Do I Want to Build or Maintain?

Some buyers are looking for something established and stable. Others want a fixer-upper they can grow. Either path has pros and cons—but it’s crucial to know which suits you best.

• Are you looking for turnkey operations or a project with growth potential?
• Do you want to manage day-to-day or oversee from a high level?
• Can you handle the learning curve or culture shift that may come with a new industry?

Why a broker helps:

Brokers often have listings with detailed histories and financials, and they know whether a business is positioned for growth, steady cash flow, or in need of a turnaround. That insight can save you a lot of guesswork.

3. What Can I Afford—And What Am I Willing to Risk?

Buying a business isn’t just about the purchase price. You’ll need to consider working capital, transition costs, professional fees, and whether you’ll earn enough to support your lifestyle.

• Do you have financing lined up (through a lender or personal resources)?
• Are you willing to risk some capital to gain long-term control and independence?
• What’s your comfort level with debt or vendor financing?

Why a broker reduces stress:

A broker can provide real-world context on what businesses are actually selling for in your region and industry. They also often work with buyers to connect them to lenders or help navigate financing options.

4. How Will I Know It’s a Good Deal?

It’s one thing to find a business you like—it’s another to ensure it’s priced fairly, has clean books, and isn’t hiding major red flags.

Due diligence is where deals succeed or fall apart. You’ll need to understand:

• Is the income sustainable or seasonal?
• What are the risks with staff, suppliers, or competition?
• Are the assets (equipment, leases, IP) solid and transferrable?

Why a broker maintains the progress of the sale:

Brokers act as a buffer between buyers and sellers, helping both parties exchange the right information professionally and confidentially. Brokers with Alberta Business Sales represent their sellers. They will help facilitate through due diligence, help interpret financials, and reduce emotional decision-making.

5. Am I Ready to Lead?

Buying a business means stepping into someone else’s shoes—overnight. You’ll inherit customers, staff, processes, and culture. Are you ready to lead from day one?

• Do you have management experience?
• Are you comfortable learning on the go?
• Are you open to a transition period where the seller helps train you?

Why a broker plans for solutions:

Most brokered businesses include a planned transition period where the seller sticks around for a few weeks—or even months—to help you get up to speed. Brokers help set those expectations early in negotiations.

The Advantage of a Brokered Business

While you can go out and buy a business privately, brokered businesses offer serious advantages:

• Confidentiality: Brokers ensure sellers share info only with serious, vetted buyers.
• Transparency: Brokers work to present organized financials, contracts, and operational details.
• Structure: Brokers manage the process step by step—from discovery to closing—so nothing gets missed.
• Fairness: Brokers help ensure both sides are treated fairly and professionally, reducing the risk of deal collapse.

Final Thoughts

If you’re asking yourself these questions—you’re already ahead of most first-time buyers. Buying a business isn’t just a transaction. It’s a transition into ownership, leadership, and long-term opportunity.

Working with a business broker doesn’t just make the process smoother—it can make the outcome stronger.

Thinking about buying a business? Let’s talk. We’ll help you assess opportunities that fit your goals, skills, and budget—so you can move forward with confidence. Reach out today here.

Andrew Earle Business Broker, Alberta Business Sales and Commercial Ventures