How to Buy a Business and avoid the pitfalls
Buying a business is fraught with danger if you are inexperienced and entering business for the first time. Expert business advice and expertise is required.
If the you have the choice of buying a business or starting a business buying a business wins hands down every time if you follow some strict criteria which we can help you will.
Be aware that fortunes are won and lost buying and selling businesses.
The advantages of buying a business is that many of the unknowns are eliminated if an accurate business history is available to be closely scrutinised, a process referred to as doing due diligence.
Past records will show past sales, cost of sales, profit margin on sales, operating expenses, wages and ultimately how profitable the business is or not.
A knowledgable and experienced owner can often improve all aspects of the business and add value to a business.
When buying a business it is vital to understand how you will add value to your purchase. How will you increase sales, profitability and net profit so that when you become a seller you will command a higher price than what you paid for the business?
Question is can you add value with your experience?
And can you establish the true value of a business accurately.
If that is not your expertise then you need to talk to us.
Talk to one of our Business Advisors