Buying a Business
What is involved in buying a business?
Premises
- Are these premises to trade from?
- Are they suitable and in good repair?
- What is the rent? Is it likely to increase in the near future?
- Are there any other costs involved?
- Will the landlord allow them to be transferred?
Fixtures and Fittings
- Make a list of what equipment is used at the premises
- Who owns them?
- Is there any loan or hire purchase finance owed on them?
Goodwill
- Will the name of the business be included in the sale?
- Will the seller set up in competition nearby?
- What about customer lists?
Staff
- Who works there now?
- What hours do they work?
- What are the future plans for the business?
Suppliers
- Will they supply a new owner?
- Are there any specialised suppliers who are essential to the business?
