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Most first time business buyers look for opportunities in an industry or marketin which they already have some operational knowledge. A first time businessowner usually becomes the chief executive of the acquired firm and it requires thenew owner to manage the day to day business operations. The ideal business foracquisition are firms that have a strong track record (say 10 years or more) ofsteady and rising cash flows.
The business you plan to acquire should ideally be in a fragmented market wherethere is no dominant market leader. This will offer you the ability to develop asustainable advantage within your own regional or targeted market segments.
First time business buyer can identify and evaluate both opportunistic deals as wellas geographical/industry focused opportunities. For getting useful information on thetopic, visit http://www.gaebler.com/The-Art-Of-Buying-A-Business.htm