Tips on BuyingYou should be informed about the buying process
COME PREPARED FOR THE NEGOTIATION
WITH OUR ADVICE & TIPS
Remember that if BCI Business Brokers is the vendor’s agent, we won’t be advising you during the investigation or transaction stage.
With our expertise from the many hundreds of transactions we have been involved in as business brokers, we have listed some useful tips that you should consider before making a decision:
- Ask yourself “Is this the type of business I would enjoy running” and “Am I right for this business?”
- Rely on your professional advisors, but at the same time try to understand as much as possible what is happening in the negotiation and exactly what it is that you are buying
Our experts can help you with that part
- Always have more money than you think you need to complete the transaction
- Don’t bother asking the vendor why they are selling. Spend your time investigating the opportunity
- Be prepared and try to avoid any surprises that might end the deal.
- Research the industry you are buying into. Is it dying, under threat from disruption or in any other way an “endangered species“? Use Google to find out what people are saying and how many competitors there are. Check out their websites and if you have time – ring some of the main industry players to see how they operate
- Research the market that you will be serving
- Prepare a business plan, the most important parts of which are – the financial budget for your first year, and a marketing plan. How will you get customers?
The above tips are offered for what they are worth. Each circumstance should be addressed individually.