Advice on buying a business (1 Viewer)

Rich said:

Hello lovely people.

Is anyone able to offer me some advice about a business that may be available?

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Depends how much debt is attached and what assets you may be buying. Also depends on how likely you are to be supported by those that can help the business locally... Is it just you or are there others helping you with the business?.... :-0

Rich said:

Hello lovely people.

Is anyone able to offer me some advice about a business that may be available?

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Just do lots of due diligence, find out exactly what it is your buying, ask to see the accounts and have a professional look at them and audit them. Ask to see any contracts and read all the fine print etc.
Ask why the business is for sale, and come up with a business plan to take it forward, then ask people who's advice you value to tell you what they think. And ask if they would be comfortable investing in such a venture.
Above all evaluate using your head, not your heart.

Rich said:

Hello lovely people.

Is anyone able to offer me some advice about a business that may be available?

edit: the business is not advertised as for sale, but I believe the owner would take a reasonable offer due to the business not doing too well at present and him being at retirement age.

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First piece of advice, don't ask people on a football forum.

Make sure you have an accountant check out the past few years accounts.
And remember that about 50% of new businesses fail.

Make sure they own all the equipment and it's not on the tick. When I brought mine I had people turning up looking for money as the machines had not had the monthly payments paid. I had paperwork to show they were owned by the seller but they were forged and I had a long fight on my hands.

Find out who they bank with.
Ask that bank for loan to buy the business.
If they're eager to lend you the money you can assume it's a good deal.
If they laugh in your face it means they know something bad about the business that you don't.