Top 3 tips on buying a business

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The process of buying a business can take many forms, including buying shares in a limited company, buying a trading business as a going concern or buying specific assets to accompany your existing business.

Whichever business structure works for you, our top 3 tips on buying a business is relative to them all:

1. Undertake Due Diligence

I cannot stress this enough. Buyer Beware applies and you need to make sure you know what you are buying and getting yourself in for. You wouldn’t buy a car with a rusty engine under the bonnet – buying a business is no different.

2. Get the contract right

Whatever the size of business or nature of the transaction, you need to ensure that your contract is properly written to reflect the parties’ intentions. The devil is in the detail.

3. Ensure the structure accounts for the commercial aspects of running the business

There is no point owning a business that you cannot operate or whose goodwill can be undermined immediately post-completion. The structure should be tailored to you and the business’ post-completion needs.  

Contact Us

For information on buying a business, the process and costs involved, contact our Corporate Team for an initial, confidential, no-obligation discussion and talk through your proposed purchase on 01604 828282 / 01908 660966 or email Corporate@franklins-sols.co.uk.