As a buyer you should find out all you can about the type of business you are interested in. The more you know the better able you will be to evaluate the particular business you are thinking of buying. One of the best sources of information is to get a job in the field for a year, if possible.
You should also read all the information you can about the business. Look it up on the internet. The U. S. Government Printing Office puts out books on particular businesses and you should get the ones applicable to the type of business you are considering. There are many books on particular businesses available from commercial publishers. Ask in your local book store to let you look through their copy of Books In Print for these. Card catalogues in libraries will reveal other books and articles. You should also look for trade publications in the field.
The information released by public companies in the same business is also a useful source of information. They must file annual (called 10-K) and quarterly (called 10-Q) reports with the Securities and Exchange Commission and they also put out annual and quarterly reports to shareholders. You can obtain the S.E.C. filings from the Commission or on the internet. You can get financial and other information on these companies from internet services like Yahoo. You can get the reports to shareholders directly from the companies or on the internet at the companies' web sites.
It also pays to talk to other people in the business, both about the business in general and about any particular business you are interested in.
Contact Chicago Attorney Don Thompson For more Legal information on buying or selling a business.
