Taking Over An Existing Retail Business:
Someone who inherits or buys an existing business is taking ownership and responsibility of someone else's hard work. The foundation has already been laid.
Advantages:
The biggest advantage to buying an existing business or taking ownership of an already-established retail store is time. The time to build a customer base, the time to establish branding, and the time it takes to establish credit are generally all past which means most of the hard part is behind the new owner.Disadvantages:
The existing business may have a negative image or reputation that will take a lot of time to undo. Loyal customers may not like the change of ownership. Previous owners have caused problems by opening a competing busines.Support:
A well-established business will usually have a written set of procedures or policy manual. Staff members already in place have the knowledge to help guide a new owner.
