Looking for a business is an exciting and challenging process. A successful purchase requires good advice, planning and investigation. Let us assume that you have found that special business (or franchise) and you are ready to take the next step. What should you do to ensure success?
A good start would be to consider/investigate some of the following:-
Check and verify the vendor's financial records and statements
Consider the amount required to fund debtors and stock
Review the staff requirements and skill sets
Analyse sales history and profile the customers
Who are the direct and indirect competitors?
Obtain a copy of the lease, understand terms and conditions
Ensure landlord's consent to an assignment is obtained
Validity of patents and trademarks
Licences, permits and regulatory requirements in place
Ensure distribution rights and contracts are transferrable
Conduct a SWOT analysis on the business, can you fill the gaps?
Obtain a Vendor's Statement (if appropriate)
Engage accountant and/or lawyer to conduct due diligence if necessary
Ensure finance in place for purchase
Consult legal adviser and accountant before signing contract
We can save you time and money by helping you look for a business and assist you by guiding you through the process. Please do not hesitate to contact us for further information.
Should you have any further questions please click here to email us.
