business of buy and selling

Tips for starting a business of buy and selling

If you are planning for selling a business... you must know more about your target market. Can you walk away from the sale with cash? If you can take it. If you can’t you have to take paper, make sure you have a short-term exit route. It's more important to know who you are selling to if you are going to take paper."

If you are thinking of buying a business "You must ask yourself “how much you really know about the industry that you will make a business and the business you are potentially buying into this is fundamental.

"Consider to what extent the business relies upon the person you are buying it from. In many cases when the owner leaves the business halves - and what will you as the buyer be left with?

"If you think this is going to be the case, don't buy it - unless you are part of the business."

If you are thinking of starting a business “Again, question how much do you know about the industry - do you know enough?

"Make use of the organizations that are out there to help you, eg, Business Link.”If you have to borrow money, never put your house up as collateral. It doesn't matter if you extend your mortgage, just don't give them your house. "If you are someone who likes the nine-to-five aspect of working - DON'T BRANCH OUT ON YOUR OWN. Be prepared to work 12-hour days. "Look your partner straight in the eye and make sure they fully support you. You won't see your partner or your family much when you start or buy a business. It will take a massive toll on your home life. "No one does anything unless you do. No one else signs the cheques, no one else works as hard as you do - these are the facts of running a small business. "But it's a great life and if you can do it, do it. It is the freest, best life you can possibly lead."