Let's not play it down - deciding to buy a business is a pretty big deal.
So, to make sure you don't trip up along the way, we've pulled together some key things you should check out to make sure your business investment is a good one.
Below you'll find four key things you need to know now - before you even start searching for a business for sale.
1. Discover Your Ideal Business
Before you start looking for a business to buy, you should determine what type of business is your perfect match.
For most people, they'd choose to buy a business in a sector that they already have experience in, but you should also factor in what you're good at and passionate about. If you love speaking to customers and being front and centre a cafe may be a great match. If you absolutely hate dogs, you probably shouldn't buy a dog groomer.
What are your finances and the type of business you will be available to afford on completion, following agents’, accountants and solicitors fees?
2. Research Potential Matches
Once you've narrowed down a few businesses that match what you're looking for, make sure you dig a little deeper to really get into the nitty-gritty of what's for sale.
Try and get a feel for why the business is up for sale in the first place. This could provide you with some useful insight into the overall health and state of the business that you'd otherwise perhaps miss until you'd already bought it.
3. Plan for the Future
It's all good and well finding a business that's doing well in the present, but you should be thinking about ways to grow the business before the sale has even begun.
If you can't grow a business, maybe you should reconsider?
This might seem like a tricky thing to ponder at such an early stage, so why not ask the current owner? They'll be in the best position to advise on potential growth strategies as they've already worked so closely with the business.
4. Gather Relevant Paperwork
Once you've decided on the right type of business, identified your perfect match and have a clear idea on your future strategy, it'll be time to formally buy your chosen business.
Some key paperwork you should be sure to see before completing on a sale include; organisation records, financial records, physical assets, employee information, customer data and anything else that will factor into your decision-making process.
There you have it: 4 things to keep in mind when buying a business in order to make a decision that works for you.
If you are interested in buying a business of your own, please take a look at our businesses for sale.