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What to Consider Before Buying a Business

On February 2, 2015

What to Consider Before Buying a Business

At Peter Robinson & Co. we provide customers with a range of services covering residential and commercial property conveyancing.

One of the services we provide revolves around helping clients looking to buy a business.

What are the advantages of buying a business?

There are many advantages to buying a business, and it can be a successful way to generate good income while being your own boss.

Buying an existing business is often seen as a less risky alternative to starting a company up from scratch.

It’s likely that an existing business will already have returning, loyal customers and be generating some amount of income – this will allow you to accurately estimate costs, turnover, profit and cash flow. Other advantages may include things like:

  • Set up premises
  • Existing brand awareness
  • Engaged staff with relevant experience
  • Suppliers already in place
  • Business equipment/fittings already in place

How to choose a business

Before you begin your search for the right business, you’ll need a fairly precise idea of how much you can afford to pay and what type of business you’re looking to buy. Things you may want to consider could include:

  • Market
  • Location
  • Customer base
  • Wider economy
  • Past turnover
  • Competitors
  • Quality of branding
  • Employees skills
  • Intellectual property

Finding the right business to buy is relatively straightforward, but the legal process that accompanies it often requires a great deal of complex work. For first timers especially, this can amount to a great deal of stress and confusion which is why it is often advised that you use the services of a solicitor or licensed conveyancer to undertake the work for you.

Get in touch

With over 30 years experience in commercial property law, our highly qualified conveyancers make the process of buying a business as easy and seamless as possible.

Whatever the size, type or cost of the business you are looking to buy, you can be confident that your transaction will be overseen by a qualified individual. A member of our friendly team will always be on hand to deal with your matters in a professional and efficient manner.

Thinking about buying a business? Please call Peter Robinson & Co. today to discuss your requirements.

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  • business premises, Buying, commercial conveyancing, guide, Peter Robinson & Co.