Section I: Finding a business
Independent businesses
Buying an independent business gives you the freedom of setting your own rules. You set the vision of the company, control human resources, and get to choose which supplier you're going to buy from. In an independent business the decisions – and the success – of the business rest on your shoulders. There is room for creativity and innovation, but at the same time, your choices may destabilize the business. Unless you are buying a business with a strong, existing brand, you may not have the same recognition that you would get with a franchise. On the flip side, you won't have to pay franchise fees and royalties.
Some buyers look for failing businesses, which may be up for sale because they have hit upon hard times and their owners can't afford to keep them. These businesses can be a good buy, but you'll want to take a long and hard look at why the business is failing and whether or not you can fix these problems. Wise feels that many businesses can be turned around and in some cases a simple change in management will solve the problems.
