Guide to Buying a
What type of business are you looking
Where in the UK are you looking to be located?
Tenure, are you looking leasehold or freehold?
What price are you looking up to?
Do you require accommodation?
Now you have decided on the above it is
time to Register with as many agents and business sales sites as you
can, the more details you receive your more chance you have for finding
your dram business.
You need to have the money for
The business purchase price.
Stock at valuation
Rent is payable in quarterly in advance (if leasehold).
Rent deposit may be required (if leasehold depending on references).
Finance arrangement fees (if required)
Approach your own bank - the small
business advisor is there to help. Alternatively, let a broker find
you a deal. (See
Re-mortgage / sell your house
50% of the purchase price on a
75% of the purchase price on a freehold.
On a freehold you purchase the
business, goodwill, fixtures and fittings and the building. On a
leasehold you purchase the business and the lease – you rent the
building / premises from the landlord.
Contact the agent with your feedback,
even negative feedback is good to help agents find you the business
that you want.
If you are interested
in taking the business further:
Request a copy of the accounts, VAT
returns, copies of takings figures.
Contact agent and make an offer.
All written correspondence mark ‘Subject to Contract’
ALL OFFERS AND NEGOTIATIONS VIA THE AGENTS.
Appoint Solicitors - Solicitors who
will legally transfer the business.
The solicitor will undertake local searches, approve the contract,
advise on the procedure of transfer of ANY licences (for Pubs, Wine
bars, Off Licences, etc.) as appropriate, verify the lease, liaise
with the landlord, etc.
Arrange the Finance - Business Finance - Shop around for the deal
that suits you. Approach your own bank - the small business advisor
is there to help. Alternatively, let a broker find you a deal. We
can recommend reliable financiers eager to lend.
All loans are subject to valuation, survey, references and
Exchange Contracts - a deposit is
paid and there is a legal commitment and a completion date is set.
At this stage vendors allow purchase
to come to the business meet customers, suppliers, etc.
You must arrange Insurance: Life
cover and building insurance, contents to cover the stock, and your
Arrange for an independent
stock-taker Stock Valuation this is usually a shared cost between
vendor and purchaser and will take place on the day of completion.
Complete – you are now the owner of