Choosing a business to buy

There are a lot of cars out there and you can pick the one you want depending on whether you like black cars, fast cars or whether you are the type to sit down with a stack of What Car? (R) magazines.

Once you have decided to show an interest, you need to identify a few basics before getting really interested – like for instance, has it got wheels?

Sorry, getting confused by my metaphors! Many national and local newspapers carry adverts for businesses and business premises for sale and depending on what sector you’re interested in, you could look in trade journals like The Publican. If you find nothing, you could put in your own advertisement stating your requirements. Before you contemplate making a leap, think. Any business you buy has to fit your skills, lifestyle and aspirations so before you start looking, think about what you can bring to a business and what you’d like to get back.

List what is important to you. Consider:

Your financial expectations – don’t just think about turnover, you need to divide that into running costs and profit, and think what level of turnover/ profit do you need to be looking for to accommodate your needs?

Are you sure you are prepared for all the hard work and money that you will need to put into the business to get it to succeed?

Your strengths, skills and experience – are they suited to what you are thinking about doing? Deciding such a question can be helped by looking at the people in the sector you are interested in and comparing different businesses in that sector.

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