Thinking Of Buying A Business?
Our team of business advisors, accountants and marketing consultants can help to review the business you are looking to purchase. With decades of experience across many industries we can help with due diligence, valuation, growth potential, bank loan documents and many other areas. Call our team for an initial chat to see what the next steps are.
Here Some Things You Should Carefully Consider
If you are thinking of buying a business that’s already established, then there are some factors that you should really think carefully about before you make the final leap. Buying an already established business comes with its pros and cons. Running a successful business is not just about working for yourself, it’s about having the right skills to manage it and some understanding about the industry you want to get into.
Before you close that deal, here are some things that should be clear to you.
Carry out proper research
Carry out thorough research is the first step in buying a business. Here are some of the things that you should analyse during the research.
- Financial records
- Debt checks
- Customers and suppliers contracts
- Tax compliance
- Records of employees
- The corporate structure of the business seller
- Records of the business
- Business assets
- Legal adherence
If you do not carry out the necessary research, you can easily end up buying a business that has many financial issues, is selling assets that do not legally belong to it and other problems that can be avoided if only you take your time to thoroughly conduct research. Additionally, good research will provide you with the real value of your business and you will be able to review whether you are paying too much or the right amount for the business.
Is buying the business the best option?
Why do you want to purchase a business rather than setting up from scratch. Is it because the business has assets that you are interested in? Is it because of the brand reputation? Is it the customer base? There are many questions you need to ask and compare to see whether it’s better to just establish your own business. Our team can help to review the business purchase for you.