Buying a new or established Business
When looking at buying a business remember one thing- No one ever sells a gold mine. Business are also hard to value.
You need to know what are you actually paying for, how profitable the business has been, where the industry is heading, are there new regulations which may affect the business in the future.
Before looking around for a business, come and have a chat with us over coffee. We have the expertise to give you an insight into operating a business, doing due diligence and not accepting documents on face value and referring you to appropriate specialists such as accountants, business valuer’s and solicitors for guidance.
Once all the boxes are ticked, we will arrange the necessary finance needed to complete the business purchase.
Our service to you will be ongoing providing your ideas on growing your business, customer experience and much more.
We welcome you to come and discover the experience.
Some points to consider before venturing into business:
- Industry experience- If you have worked in retail business and decide to purchase a retail outlet that is a plus, however, say you worked in finance and wish to start up a business in travel. This would be tricky. Make sure your experience matches your proposed business purchase.
- Get an accountant to do due diligence
- Get the past 3 years of financial accounts and check for trends and profitability
- Explore reasons for owners selling the business- No one ever sells a gold mine
- Do market research- will there be a demand for your product in future years
- How long is the business lease
- Most banks require you to contribute at least 50% of the purchase price. The equity in your house property may be used as deposit
- Franchise Business- Get a lawyer to check your franchise agreement