Many aging Baby Boomers are looking toward retirement, while younger boomers may decide that they’re finally ready to be their own boss. For the latter group, and for others considering business ownership, buying a going concern is an attractive option. But beware that buying a business is a timely process. Some buyers never find the right opportunity, while others spend too much time exploring too many possibilities. Consider a step-by-step approach to business ownership.

Ask yourself these and other important questions. Why do I want to own a business? What types of business activities do I like? What are my lifestyle goals? How does my family enter into my business ownership plans?

Line Up a Team of Professional Advisors. Tell your attorney, accountant and financial advisors that you are looking for a business. Contact business intermediaries who represent businesses within your targeted market. They’ll work with you to let you know about available companies that meet your criteria and qualifications.

Consider Your Financial Situation. Be sure to carefully consider how much money you need and how much you want to earn. Your expectations need to be realistic and something that can be achieved by the type of business you are searching for.

Develop a Personal Financial Statement. The personal financial statement should show your assets and liabilities and possibly include a supporting statement from your banker or accountant. Be prepared to share this document with the business intermediary who is working with the seller. If you are planning to work with other investors, identify them and create a group financial statement.

Create a Profile. Sellers want to be sure their business will continue to be successful. They want to find a buyer who has experience and will take care of the company’s employees. Really, you are selling yourself to the current business owner(s) and the professional team that represents the seller.

Establish Your Criteria for Acquisition. It’s important to define the parameters of your search. Include geographic requirements and criteria on the transaction size. Having set criteria will help you demonstrate your commitment to finding the right business for you. If you are interested in buying an existing business, you want the business intermediary to be selling you to the seller. It’s important that you demonstrate that you’re a qualified, motivated buyer. Being prepared and serious about your search is an important initial step.