February 26, 2021

Professionals to Consult When Buying a Business

3 min read

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If you are thinking of acquiring an existing business that includes the sale of property, there is indeed much to think about. This type of investment carries many risks and therefore, you should really do your homework before making any commitments. You will need to carry out a thorough investigation into the business, which would include the reasons why the owner wishes to sell, plus taking a good look at the accounts since the business was formed.
You will have to engage the services of several key professions, which would include the following.

  • An Experienced Conveyancing Lawyer – The term ”conveyancing” refers to the legalities involved with buying and selling real estate, and by hiring an established local law firm that specialises in commercial property purchases, you are sure to have the right advice. Look for a firm that has fixed fees, which will help you to budget, and one that has extensive experience in selling businesses with commercial property. The property itself need to have several key searches carried out, which will reveal any issues or unpaid debts that the property might have incurred. If the business generates pollution, you need to be certain that adequate measures are in place to keep you on the right side of the law, and by hiring a conveyancing lawyer, you can proceed with confidence that all is as it should be.

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  • A Business Lawyer – This is an essential aspect of purchasing a business that is up and running, as the expert can examine the company’s financial accounts and help you to agree with the seller exactly what comes with the business. You might be lucky enough to find someone who wishes to sell a profitable business, and has a genuine reason to sell, while if the business is not making money, you should have a plan on how to turn that around. Once you have made an agreement with the seller, your lawyer can make sure that everything is included in the contract, and the details leave nothing overlooked. The purchase would likely include stock, equipment and other valuable assets, all of which have to be valued, and your lawyer can help with this and their knowledge will prove to be invaluable.
  • Business Taxation – You will need to consult with an experienced business taxation specialist, who can help you to determine your tax liabilities if you take on the business. You will also need to make sure you have the funds to complete the purchase, with ample capital to sustain the business for a few months, should it be necessary. One must also consider the liabilities if you are inheriting employees in the deal, something a tax expert can help with.

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If you have done your homework and cannot find anything that might be an issue in the future, with the right professional help, you can go ahead with the acquisition, safe in the knowledge that the business is a viable proposition and you have what it takes to make it work.

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