When purchasing a business it is important to take the following steps:

1. Have a Lawyer review the contract

2. Establish a payment plan so you do not give the full payment up front and allow for discoveries of unknowns

3. Set aside some of the purchase money in the contract to handle liabilities from the previous owner

4. Establish customer retention clauses

5. Establish non compete clauses

6. Retain the seller for operational questions for a period of at least 6 months

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