Looking to purchase an established local business. What are things I should know

[Charles]

The wifey is the one looking to buy a hair salon business that she works at. The owner is not there 99.9% of the time since he owns multiple businesses. In the past, there have been discussions with the owner about possibly selling the business to someone in the salon. Since we are married, I figured it would affect me financially as well and would like to know what are the steps I have no concept as to what goes into buying a business. My question is how do you evaluate how much a business is worth? Does revenue, location, rent all play a factor? What are other things I should ask and know? My wife does do some managing within the salon and is planning on contacting the accountant. What are things we should know and do before contacting the accountant? I feel that this is a financial risk that may be worth it in the long run. I just hope it will pay off more than the stock market. – by hq overview tdooty – –