What is your best business buying or selling tip? What is the no.1 must do rule before considering buying a business?

My number one rule is to research and be certain what your getting into. It might sound great in your head but once you get to the real thing it can be very different.

Do your homework. You need to know the company's history and marketing successes and failures. Make sure that what you think you are buying *is* what you are buying. As Mockingbird said, research. Too many people rush into a deal. Take your time and make sure it's what you expected it to be.

My first rule is to know the subject you are going to invest in. So if golfing is not your hobby, you should never buy a business which has golfing as subject.

I wish everyone followed that rule. Hollywood has never recovered from corporate executives at companies like General Electric trying to run TV and movies. That's where the entertainment world took a nasty dive. Know your subject matter is a great rule!

Be realistic in what it will take to run your biz, it might take many more hours then you expect. Granted you will work alot in the beginning. You have to be certain the effort is worth the payoff.