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A comment on Ask HN: Any advice for someone looking to buy an existing business?. Parent comment

Re:Ask HN: Any advice for someone looking to buy an existing... by 6DM on Thursday April 27, 2023 @11:22AM (#35729499)
I was looking to go big because I anticipate that I will not be able to do it part time. I am looking for a full time opportunity so that I can leave my job and focus on it, while drawing some income to pay bills.

Is there any info you can share on your acquisition process? Was there any steps that reassured you wouldn't be left with an empty account and no business operation to take over?

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Re:Ask HN: Any advice for someone looking to buy an existing... by throwaway280382 on Thursday May 04, 2023 @03:02PM (#35820481)
Well, I was relatively naive but luckily the person was honest. So I did not have issues. But here are some suggestions. 1) Open an escrow account, pay some money for it. 2) Put source code, domain name transfership, any business doducments in that escrow. 3) Ask seller to provider support to you for 1-3 months. This should go into contract. 4) Release money in installmeents. 5) Release from escrow only after you are satisfied!
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