• Am I comfortable dealing with a wide range of personalities and the needs of numerous customers, or am I more comfortable interacting with a small number of clients?
• Can I delegate well and handle the needs and schedules of various employees, or should I look for a one- or two-person operation?
• Do I want the challenges of an around-the-clock environment, or would I prefer a business that is a Monday-through-Friday undertaking?
• Am I comfortable maintaining inventory, or would I prefer a service-oriented business?

In the end, you want to select a business that matches your needs. Take into account your temperament, attention to detail, people skills, ability to multi-task and delegate, and other personal characteristics.

Once you have carefully considered what you enjoy doing and the type of business that suits you best — retail, service, manufacturing, online, storefront, business to business, etc. — you will need to determine your business-buying budget. You will need to review your financial picture, including your credit, closely with help from your accountant or financial advisor in order to determine how much you can pay up front and how much you will need to borrow.

From a financial standpoint, you will want to choose a business that is valued appropriately. This means that the valuation is supported by accurate financial data. The degree of profitability will also depend on your skills and your ability to market and promote a business. It also will depend on your needs and personal goals.

For example, one person might buy an undervalued, struggling business because she has the time and skills to turn the business around over the next three years. But someone with more capital and less time may decide to pay more for a steady business that is clearly more profitable now.

With your accountant or financial advisor, review all of the financial details and assets of any business that you consider buying. You will also need to determine what else is included in an offer, such as real estate or a favorable long-term lease, and see if that fits into your price range.

In the end, the “right” business is the one that meets nearly all of your criteria. It is one in which you see yourself being involved, whether that means a small business to maintain during your retirement years or a growing business that you envision building into a franchise in 5 to 10 years.