Best Answer

Yes, a business plan is required to buy an existing business - especially if you will be seeking financing. The current owners may already have a business plan, but this is not your plan. Your plan needs to take into consideration the transition that will occur as the business changes hands. For instance, if you are purchasing a retail business that has a steady flow of customers, how will the transfer take place without disrupting normal business activities? The plan also needs to detail any changes that you intend to make to the business model, pricing and marketing. It should also include an updated personnel plan and financials.

User Avatar

Wiki User

โˆ™ 2006-06-16 17:55:47
This answer is:
User Avatar
Study guides
See all Study Guides
Create a Study Guide

Add your answer:

Earn +20 pts
Q: Is a business plan required to purchase an existing business?
Write your answer...
Related questions

When is a business idea a business opportunity?

When there is a piece of the market that is not being served by existing competitors, and you have a plan and the ability to execute on that plan.

Where can I find a sample business plan for an insurance agency?

There is Business plan software available for purchase

Does Bank of America have a direct stock purchase plan for existing stockholders?

Yes, they do have a direct stock plan.

Main object of a business of a business plan?

The main object of a business plan can vary from business to business here are some common objectives for creating a business plan; start up in need of funding - the business plan should be written to convince the banks or investors to grant funding start up business for business owner - the plan should provide the business owner with a road map to success, including the exact steps he should take to get the business up and running and targets for sales and expansion of the business existing business for expansion - this plan should be written to provide detailed information about how the business will expand, if they are taking on staff, new premises etc and how it will be funded - if funding is required then the business plan should convince investors of the potential of the business expansion

How do you write a business plan for a movie theater?

first try to make like some steps to start like a plan then start making your motto Is the business plan for an existing movie theater in your community or you want to write the plan for a new start-up business?

Difference between strategic plan and an organizational plan?

A strategic plan is basically designed for the implementation of strategic activities and managing the strategic direction in an existing organization. While an organization plan or business plan is designed to start a business, collect funds or direct operations.

How can I start a business to sell antique jewelry?

Draw up a business plan and research the existing market in your area. If there's a market, incorporate your business and start selling.

How do you set up the six sigma business plan over an existing one?

You can find information on how to successfully implement the six sigma business plan online. Follow the steps and requirements and you should be able to do it.

How do you get a dealership of company?

To get a dealership you will first need a business plan. You will need to obtain a business loan, and purchase a venue.

How can a Business Loan can be an effective loan?

Unsecured business loan financing from Merchant Advisors can be used for almost anything which includes plans like purchasing and expansion of your business. With this loan you can plan on options like franchising or opening new branches for you business or you can use it as a cash advance required to set up a new business. You are not required to pay any collateral and having a very good credit history. A business loan can help grow your existing or fresh business in many ways.

How much does the samsung eternity cost to add to an existing plan?

If your plan is eligible for an upgrade, you can purchase the Eternity for $149 with a $50 mail in rebate for another two-year contract. To purchase it without an additional contract is $399.

What are the best books to buy when writing a business plan?

Like other questions found here on WikiAnswers, this is a matter of opinion. Here are some of my personal favorites: * Inc. Magazine's 'How to Really Create a Successful Business Plan' * Nolo's 'How to Write a Business Plan' * Barron's 'Writing a Convincing Business Plan' Visit to purchase these or other books related to business planning.

How long will it take to write a business plan?

Time it takes to write a business planThe time it takes to research and write a business plan is contingent upon a number of factors including the concept, the intended audience, status of business (start-up or existing) and number of people on the planning team. If you're flying solo and it's an entirely new concept, it will take considerably longer than if it was an existing business with three or four team people tackling the plan. On average, a start-up plan will take anywhere from 160 to 640 hours to research and write. Established businesses should allow between 40 and 160 hours.

Why is it important for a business to have a business plan?

There are multiple reasons for a business plan, including but not limited to: 1. A business plan provides the direction for the company (direction defined as the goals/objectives and the strategies/tactics to achieve these goals/objectives), 2. A business plan will help the entrepreneur identify the risks associated with the business (market risks, economic risks, competitive risks, management risks). 3. A business plan will form the foundation for the development of required capitalization documents.

How do you transfer a business plan to an action plan?

How to transfer business plan to an action plan

Can you add your wife to your existing Medicare insurance if she is unemployed?

With Medicare, you are on your own plan individually. Your wife, when eligible, would be on her own plan and not added to your existing plan.

How can I start a dog boarding business?

You first need to come up with your exact business plan, next would come marketing and how you plan to get your business out there to people.You need to obtain the necessary licensing and insurance needed and then purchase the needed kennel supplies.

How do you start a livescan fingerprint business?

To start a livescan fingerprint business you need to develop a plan and get funding for it. Then, you will need to purchase equipment for the business and advertise your to individuals who need your services.Ê

Why is business planning more important than a business plan?

If you don't have a strategy for your business, you don't have a business plan. A business plan just conveys what you intend to do with your business.

What is the difference between a business plan and a strategic plan?

AnswerA business plan is a formal statement of a set of business goals. the reasons why they are attainable and the plan for reaching those goals also contain background information about the organisation or team in attempt to reach those goalsBusiness plans may also target changes in perception and branding by the customer, client , tax payer or large community....when the existing business plan is to assume a major change or when planning a new venture

Can you provide a simple comparison of a business plan vs a business model?

A business plan is an extensive plan the seeks funding; a business model is an operational business that functions in a cycle. Retailing is a business model. A plan for a new retail store is a business plan.

How does one purchase a McDonald's franchise?

The requirements to purchase a McDonald's fast food restaurant franchise are that a franchisee will need at least a forty percent down payment on the property, as it will likely be an existing location that is being purchased. There must also be the potential for the franchisee to have a very sound business plan, and that they have had previous experience in the operation of a restaurant.

Where the best place to purchase a viable business plan template?

There are various websites online that have a lot of information on business plan templates. One should look at sites such as: Score, SBA and various government websites.

what is the best business change management plan to purchase for my company?

A good business change in the managment plan would be to have a human resources to direct and encourage correct process regarding fincials, employment, and paper work.

Where can one purchase a Sony cell phone?

One may purchase a Sony cell phone from Wireless Wave, Bell, Rogers, Future Shop and Best Buy. A phone maybe purchased with a mobile cell phone plan or as a replacement phone on an existing plan.