When buying an existing business, there are some important steps to take in order to know what you're buying in to.
Buying an already established businesses can have many advantages over starting your own business from scratch. Established Businesses that have a good business history are likely to have established procedures, regular customers and a regular financial returns.
However, established businesses can also come with disadvantages. This can include outstanding contracts and debts or a poor public image.
Doing your research to ensure you’re making the right decision is essential as well as familiarising yourself with the competitors and the industry.
At Steve Hamilton Chartered Accountant we offer assistance to review the accounting records of a business you are looking to purchase, provide a due diligence review and provide recommendations on the best structure in which to purchase the business, taking account
of your particular circumstances.
- The nature of the business
- Family circumstance
- Asset protection
- Succession planning, when you sell a business
- Tax planning
- What tax registrations are required
- How long you intend running the business
- Most appropriate accounting records system
Each situation is different and there is no one size fits all solution.