It’s the time of the year for the “Best of 2006” picks. I decided to check and see which post from my other blog, Way to Grow, had the most viewers in 2006. By a large margin, it was Buying Assets vs. Buying a Business, and most of the traffic came from search engines. People were keying in those very words. So I thought it would be worth sharing these thoughts with The First Year readers before 2006 is out.
I had linked to an Ilana DeBare column in the San Francisco Chronicle. She was responding to a question about who is responsible for obligations incurred by the previous owner of a business. The answer depends on whether the owner bought the assets or bought the business.
Buyer beware: Understand the distinction, and consult with an attorney before you sign anything.