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Buying a Business – what you need to know

Posted on Friday, 24th May 2013 by

Photo Credit: MyTudut via Compfight cc

Buying a business, when planned correctly, can lead to successfully becoming your own boss. There are many key factors that need to be considered when looking into buying a business…

  • What can you afford? – Budgeting is vital. No matter how appealing the business appears to be, going over your budget can lead to disaster straight away.
  • Buying a business is more often more straight forward than starting your own. It will be easier to secure finance if the business is already doing well, there will be a ready made customer base, and from day one there are possibilities of making profit rather than waiting months/years for a new business to get going.
  • What type of business do you want to buy? – Sector, size, turnover, location. How strong is the team there? Is the owner in a rush to sell? Are the finances in good order? What is the customer base like? How about competition?
  • Funding – normally, your own money will need to be put on the line, as well as the banks. The banks will want to see a business plan and a first year of trading cash flow forecast among other things.

There are so many aspects to buying a business that specialist advice should always be sought. Do you have the right skills and strengths that are needed when buying a business? Businesses are a large part of their owners lives, it’s often their dream, their passion, their livelihood. They often have an emotional attachment too, so jumping in feet first with your money before sitting down and weighing out the pros and cons is vital.

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The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.

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