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Preparing to Buy a Business

What you need to consider

Now that you’ve decided upon the right business, and you’ve gone through the steps in our Understanding the Buying Process page, it’s time to consider the more technical aspects of moving forward. 

 

The following seven factors will be of great importance to acknowledge and explore before making any purchases:

 

  1. Financial health and potential for growth – is the business financially healthy with little risk of unforeseen costs? Is there growth potential and is the asset appreciating?
     
  2. Necessary compliances required in order to run the business – does the business meet all the necessary compliances? I.e. condition of the business, proper signage, Occupational Health & Safety compliances.
     
  3. Regulatory measures you must meet - do you know if you have the right to run the business? If not, what are they and how will you obtain them?
     
  4. Type of industry – is it an industry you’re familiar with or have expertise in?
     
  5. Staffing – will you use the current staff or find your own?
     
  6. Acquiring necessary funding – have you got finance or a business loan?
     
  7. Negotiating and closing the sale – what should you pay for the business and what’s the best price you can negotiate before finalising the sale?

How we can help you to address these

By using our Buyers Advocacy Service, we’ll ensure that all answers to the above questions (plus more) have been solved before moving ahead with the purchase.  This will provide you with more time to focus on your business plan and ensure that you’re fully prepared with moving forward.  Buying a business doesn’t have to be a stressful journey with expertise on your side.

 

Click the link for more information on our Buyers Advocacy Service.

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