Whether you or buying or selling it is important to go through a checklist of activities. Some are more obvious when you consider things like calculating the business value, organising your finances and pulling together a business plan. The less obvious are asking others, visit the business determine the goodwill and check the trading history. Also a good consideration is asking the why and how type questions!
- Why are the present owners looking to sell?
- Why would someone be interested?
- Why would someone lend me money for the purchase?
- etc, etc.
The how questions are more about the feasibility and logisitics of you running the business.
- How would I staff the business?
- How can I do things differently, or would I not want to?
- How does this impact other commitments, eg existing business, family, other committments?
- etc, etc.
Being honest, checking and sharing projections, planning, raising concerns and understanding if this is the first purchase that being your own boss can be very rewarding but extremely hard work.
To find out more on where we can assist please do not hesitate to get in touch.