This blog will explain some of the process and the pitfalls buyers need to know in how to buy a business.
The buying process…
So you are looking to purchase your very first business? we understand its a big decision both emotionally and financially – where do we start?, good question.
Identify the type of business you want: once you know the industry that you would like to purchase into, then do some due diligence on the industry such as; is this industry growing or declining? Have there been any similar sales of this industry recently? Have there been any changes to legislation surrounding this industry? What do I need to know in regards to; knowledge, lisences Uomo Nike Air Max Plus Nere Arancione Italia , trading trends, cash flow, how to attract business etc…Find a business for sale (in that industry): once you find a business for sale online or in print media start working out your budget for affordability taking into account, the purchase price Uomo Nike Air Max TN Nere Rosse Italia , the deposit, stock (if applicable) working capital to operate, government stamp duty (if applicable in your state) and then go and consult with your bank manager or finance broker first to gather an understanding of how much you can borrow. This knowledge will save you time and money in the long run. In many instances we see buyers chew up money in, accountants and solicitors fees whilst under contract with them only to fall over because they cannot obtain finance.Now you know how much you can afford: start looking for a business within your budget. Once you find that business then make an enquiry with the listing agent and complete the necessary NDA forms to allow you to obtain the business information and also book a meeting with the broker to discuss the finer points of the business prior to an inspection.Your feeling confident now: the business is shaping up to be what your’ve been looking for Uomo Nike Air Max TN Nere Verdi Italia , what to do next? Present the agentbroker with a written offer to purchase with some bullet point conditions such as, subject to: due diligence, finance, lease Nike Air Max TN Uomo Marina Italia , training etc…depending on the industry.The offer is accepted: the rest should fall into place under the guidence of the agentbroker your solicitor and accountant. We always recommend you engage professionals such as solicitors and accountants.
