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Frequently Asked Questions18. I'm buying an existing business. Do I still need to write a business plan?It is likely that you'll make some changes to the business after acquisition. It is recommended that at least some of the sections of a business plan, if not an entire plan, are written and included in a loan proposal based on what you expect the business to do under your ownership. Changes in personnel, business structure, or location all should be disclosed to a lender. The best way to do this would be writing a business plan for the business you intend to buy that discloses all the changes you expect to make. However, a loan proposal that includes this information is acceptable as well. It all depends on what kind of information your lender will require and how extensive any changes might be. Return to our Frequently Asked Questions (FAQ) Start Your Own Business | Buying a Small Business
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