Buying a Business
Buying a business or company can in some circumstances be a better route to running your own business rather than starting completely from scratch. Obviously, it can also be a good way of expanding an existing business.
An existing business may already own premises and commercial property. They are also likely to have a customer/client base, an established business plan, full company infrastructure, IT systems and be fully staffed from day one, and so much of the work involved in starting a business has already been done for you.
Depending on the type of business you are buying and how established it is, it may be easier to obtain finance and funding for an existing business.
Of course, it is most common for established businesses to purchase other businesses or companies in order to expand, extinguish the competition, obtain their clients or for a host of other reasons.
How To Find a Business To Buy
Business opportunities for sale
For those of you who are new to buying companies or businesses, there are various places you can search to find the perfect acquisition.
Nowadays, business owners looking for a buyer for their business will advertise online on the numerous business websites, commercial property agent websites, or even popular auction sites.
Of course, business opportunities for sale are also still advertised in newspapers and magazines. If you are looking to buy a business, it is always worth looking in local and national newspapers along with papers specialising in advertising businesses, with one of the most well known being Daltons Weekly.
There are also business brokers who will be able to put people buying a business in touch with people selling a business, plus your accountant may know of opportunities.
Also don’t forget to make any of your own business contacts aware that you are looking at buying a business as they may know of potential business opportunities for sale. Commercial banking contacts can be useful here.
Our large and diverse client base along with our strong business connections mean that we can advise clients of business opportunities we become aware of.
Process Of Buying a Business
When you have found a business you want to buy, it is important that you get first-rate financial advice on whether that business is actually worth. We advise that your accountant should be your first port of call.
BRM Solicitors have vast experience in the legal process of buying businesses, be it a small local off-licence or a multi-million pound organisation, we can advise you in all the stages involved.
When a price for the business you are buying has been agreed, legal financial and commercial due diligence are vital processes to identify any potential issues with the business. At BRM, we work with you and your financial team or accountants to ensure that you receive a thorough background to the business and to resolve any issues that may arise.
We will thoroughly review all the necessary information about the business to help ensure that you won’t be caught out by any legal issues.
Our specialist corporate solicitors will then draft and review all documentation involved in the business. Remember, our commercial property solicitors will also be able to advise on any transactions which may involve them.