Buying a Business

It is important to understand what you’re good at, consider any industries you have knowledge of (or experience in) and of course what you enjoy doing. Carefully choose the most compatible business that suits your skills. After all you want to enjoy and grow your new business for many years to come.

Can you afford the business of your choice? Seek financial assistance in assessing your ability to buy the business you want. This will depend on your current assets, the type of business you intend to buy, taking into account stock value at settlement, any capital expenditure that may be required, and always include working capital in your budget for unexpected expenses. Prepare before you start your search and you will be ready to move when you find the right opportunity.

Always look closely at your target business, ask for details and supporting documentation of information provided. Some information will not be provided at this stage (such as supplier or customer names and confidential Intellectual Property) but this would be covered in Due Diligence after your offer has been accepted.

It’s good to be your own boss!