Frequently Asked Questions

18. 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.

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Start Your Own Business | Buying a Small Business

The Arkansas Small Business Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran’s status, or disability.