This video was made in partnership with https://uk.businessesforsale.com
You’re interested in buying a business. You have the capital, you know what you want, now how do you go about starting the ball rolling? Where do you begin? Paul Dodgshon, Regional Partner for Manchester Central & South Cheshire is back again for another video to help guide you through some top tips to remember when setting out to buy.
1. Define your interest – understand your skills, experience and most importantly, what you enjoy doing.
2. Make yourself desirable – your seller has put a great deal of time and effort into their company, they will want to pass it on to someone who knows what they’re doing.
3. Understand the business value – value is subjective, what might be worth a great deal to one buyer, may be worth pennies to another. Understand and apply your position and interests to a business before you apply a value.
4. Formulate a comprehensive offer – an offer should take into account:
– The price
– When you’ll pay (will you pay on completion or defer)
– Confirmation that you have, or can get, the funding.
5. Make sure it matches your initial intentions – before you buy, go back to your initial thought process. Make sure it matches the priorities and goals you set to achieve.