Buying an existing business allows you to instantly acquire the reputation and earning potential of that business. Buying an existing business reduces the risk of going into business. However, the business owner will seek to be rewarded for their success. The purchase price will reflect this.
There are many things that you should consider when buying an existing business. Purchasers often overlook a range of factors that may influence the purchase price. We can assist you in evaluating the business you seek to acquire. Further, we can identify all the areas of that business that require consideration.
No two businesses are the same. Each business will be subject it its own laws and regulations that affect the business. For example, has the Seller of a food business ensured that they currently comply with all relevant laws and regulations? It is not uncommon for a business to do things without a permit, such as signage, the required number of rest rooms or to expand upon a permit by adding a few extra chairs and tables in peak times.
The business may be impacted severely if these indulgences, or the benefits they derive, are later removed.
We can ensure that the business you are buying is sound and that the sale agreement provides you with all of the things that you need and expect to get from the business. This will no doubt avoid any unexpected surprises later on.
We can negotiate with the Seller’s Solicitor to ensure that we address any concerns before the sale. We can then help you plan your strategy for the future allowing you to grow the business and or maximise its return.