If you are looking for a new business opportunity you do not necessarily have to set one up yourself. Buying a new business whether it is a franchise store or an independent is an opportunity to work with an established client base and to build on something that is already in place.
That being said there can be some legal issues so it is important to be aware of the various factors involved with buying a business to make sure everything is done properly.
Do your research
This may sound obvious but you need to consider what you are buying. It is important to look at reviews of the business online and see what the current customers think. Aside from deciding whether or not you want to buy it can also allow you to gauge what needs to be improved.
Also think about other practical aspects i.e. where is the store located? If it is an online business is there enough demand for the product? While this may seem simple you need to think about this carefully before you being the sales process.
Are you talking to the owners?
This is another question that is less obvious than it sounds, if someone is in debt or owns part of the business then you need to be sure that they own what you are supposed to be buying. If there are shareholders that own part of the business then you should discuss purchasing their shares and the process involved.
It can’t be emphasised enough that research is vital!
Make sure your finance is in place
When looking to finance a purchase they will want details on financial projections, accounts as well as your assets and liabilities. Once this is in place remember to make your offer in writing to make the offer official.
Completing the deal
After doing due diligence and negotiating a price a deal could still fall through depending on transfers of leases, contracts and registration. After these are all put through the purchase can be finalised.
Get the right representation
It can be difficult negotiating the purchase of a business. You want to be sure you are getting the best deal and that the sale is legitimate. While you can do this without legal representation it is strongly recommended that you do so in order to avoid a lot of the potential pitfalls that can occur while trying to purchase a business.
Our motto has always been “strong enough to specialise, small enough to care”. What this means is that we have a team in place who have the experience, skills and resources in order to handle your case. Click here to see contact details for our specialists who are here to help.
Furthermore, we also offer the close personal service that people rightly expect from a long-established family firm. If you are looking to purchase a business please contact us today and we will happy to discuss your purchase in more detail and help ensure you get the best possible deal.