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Dear Karen: I'd like to buy a small business. Where can I find legitimate possibilities?

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Answer: It's easy to find businesses for sale. It's more difficult to find the right one for your personality and budget. Think about your skills and the tasks and challenges you enjoy, as well as your financial resources, before you start shopping, said Gregory Caruso, a principal at mergers and acquisitions firm Harvest Associates.

"You must be willing to take a substantial financial risk in order to buy a successful business. In most cases, you will provide a substantial down payment -- from 15% to 50% of the price -- and you and your spouse will need to guarantee the remaining loan with all your assets," Caruso said.

You can find legitimate business listings in the classifieds section of most major newspapers or online at websites such as www.bizbuysell.com and www.mergernetwork.com.

"Expect to call and investigate plenty of businesses to find one that makes sense for you," Caruso said. "Talk to all the business brokers in your area and contact the brokers you feel good about every two months to see what new listings they have."

Once you've narrowed the list of what kind of business you want, you can also call local business owners whose companies are not on the market but might meet your requirements, he said. Expect this process to take six months to two years.

Copyright © 2007.Los Angeles Times.