Lots of people dream of owning their own business. They have that entrepreneurial itch that needs to be scratched. But most start-up businesses fail because they are hard to get started and grow.

But what if you were to buy an already thriving business? How would that work? To answer those questions I spoke with CFO and business advisor Karl Maier. He has some great tips and ideas on how to be successful in buying a business.

- How to start discussions with a potential business seller - What a letter of intent is and how it works - What critical information you should get from the seller about the business - What terms you should negotiate - Ways to get the money for the purchase