Answer:
You should research the business thoroughly before considering a purchase; the three most important things to consider are location, track record/sales trends, and management. Engage in discourse with the seller and ask as many questions as possible including how long they have owned the business, how things are going and why they are choosing to sell. This process is known as due diligence.
The first thing you should do when purchasing an existing business is contact a business lawyer to help you with asking the right questions and drafting a sale of business contract that protects your interests.
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