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If you're serious about this, the two books that were recommended to me are "Buy then Build" and "HBS Guide to Buying a Small Business." I've read both and they're very good.
The main obstacle for me is that it takes about 12-18 months to find one that's actually profitable and reasonable to take over and in the right geography. Also, these days, you're competing with a lot of private equity firms who are bidding up anything that's actually profitable. Fiat money has found its way to even small businesses.
But yea, if you do pursue this, it's not a short process and you'll need a good accountant and lawyer at a minimum. All that said, I hope you find something profitable to do with your time.
Thanks very much for your insight and book recommendations. I will definitely read them. I am serious. I have some experience with small business valuations, and, as you point out, it will likely be a long, difficult search for the right situation. It's complicated by the fact that small business financials can be easily misrepresented.
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