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What to look out for when buying a business

Buying an established business provides a path that many follow to fulfil their desire to enter into business or expand existing operations.

Like buying a second-hand car or house the need for care and due diligence is essential as this could represent the opportunity to achieve ambitions, but could also be the route to financial disaster.

THE FIRST QUESTIONS YOU SHOULD ASK YOURSELF

  • What professional advice is required?
  • What due diligence should be undertaken?
  • Do you know what type of business you wish to acquire?
  • What are your qualifications for running the business successfully?
  • Do you have the temperament to deal with all types of customers, demanding creditors, and difficult employees?
  • Do you have the necessary business acumen?
  • Can you deal with all the administrative demands of the business including book keeping and the demands of business regulation?
  • Are you prepared for the business to take greater prominence in your life than when you were previously employed?
  • Can you address problems without losing your cool?
  • Can you deal with uncertainty without losing sleep?
  • Are you satisfied that your relationships will not be too adversely affected by the acquisition of a business?
  • Can you accept the potential significant financial loss that investing in the business exposes you to?

There are many decisions to take along the path to acquiring a business regardless of whether this is your first business or the decision to expand existing business operations.

We welcome the opportunity of advising you while you are acquiring your business, to get in touch email mail@moco.co.uk