Thinking of leaving employment to buy your own business?
Consider these useful tips as food for thought:
- Know what you are good at or could be interested in learning. If you can be passionate about a business then you will enjoy it more and in most cases make more money out of the business.
- Establish how much you have to invest in a business; seek advice from your Accountant and Bank Manager. You must have a budget.
- Prepare a cash flow budget of your personal expenses and the income that you need to maintain your lifestyle; again your Accountant can assist you. You must know what you need to earn from a business and understand that buying a business is not about buying a salary.
- Meet with a Business Broker to discuss your requirements, learn about the current market and make sure that you can buy a business that suits your needs and your budget.
- Have a good look around at what is available and educate yourself on the current market; similar to when you go looking for a house it takes at least a few weeks to understand price and value.
- Ensure you consult your Accountant and Solicitor as to your requirements and structuring your entity to buy a business. All good business owners need a good Accountant and Solicitor.
- When you find the right business for you then ensure you conduct, along with your advisors, a thorough due diligence.
- If everything checks out then complete the purchase.
- Either now or at some time during the process you need to prepare a business plan; this is an essential item for all good businesses. Again you may want to consult your Accountant or Business Advisor.
Here at Attwood Marshall we can assist you with contract approval before committing yourself to a business purchase. Once under contract, we can undertake the legal due diligence on your behalf and advise you on the process and documentation required to see the contract through to settlement.
If you require any further information and/or advice in relation to buying a business please do not hesitate to contact our property and commercial department manager Christine Martin on 07 5506 8245 or firstname.lastname@example.org