Buying a Business: The Team

Buying a business is an exciting time for any entrepreneur.  However, it can also be a significant risk as more often than not you put either your money, or other personal assets, on the line and whilst with great risk can come great reward, this isn’t always the case. Before proceeding with your investment, you should make sure that you understand the process, what you are buying and crucially have a team around you that can support each element of your transaction.

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Before proceeding, you need to ensure that you have a team of professional advisors in place who can work together to support you in your venture. At the very least, we would recommend:-

An independent financial advisor

Buying a private company or business can be one of the highest risk investments that you could make. If you have a pocket of cash, you should first speak with an independent financial advisor to ensure that it is the right option for you and your money.

A CF (Corporate Finance) Advisor

Once you have resolved to buy a business, you need to find one, value it, put an offer in and potentially fund the purchase! This is where your CF advisor comes in who can help you negotiate these elements of the deal as well as considering the right structure for you.

An accountant

Not only should you have a Trusted accountant in place to support you and the business post-completion, but you need someone to scrutinise the accounts of the business that you are buying so that you have a comprehensive understanding of any historic risks, anomalies and particularly future prospects and your return.

A tax advisor

Transactions can be structured a multitude of different ways. A tax advisor can work with you to explore the options from a tax perspective and advise you on the various consequences of the deal. This will also be a particular concern for the Seller therefore having an advisor enables you to also understand their position and successfully navigate the deal.

A solicitor

Once the deal is agreed in principle your solicitor will work with you not only to undertake due diligence so that you are appraised of any risks from a legal perspective of the business that you are buying, but also to prepare and negotiate the transaction documents and effecting the transaction.

For advice in relation to buying a business, contact the Corporate Team on 01604 828282 / 01908 660966 or email Coporate@franklins-sols.co.uk.