Buy Existing Business or Start New One?

Since restaurants are very risky, Ross should consider buying into an existing restaurant, rather than put his personal assets on the line with a loan for a new business.

QUESTION: Ross says that people considering buying a franchise, specifically a restaurant franchise, should buy an existing business to start with.

ANSWER: You’re right – people thinking about buying a franchise should work for a similar business to see if that’s really what they want to get into.  Great advice!

Buying an existing restaurant is also a great idea.  You just need to make sure you’re not going into debt to do that.  With the failure rate of small businesses, especially restaurants, you should never get a small business loan that ends up putting your personal assets in jeopardy. 
Buying an existing restaurant with cash is a great plan.

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