You may be buying a business for many reasons, it could be your first, for growth, because it is a strategic fit with your original business or maybe you are a serial entrepreneur and just can’t help yourself?
Whatever the reason, you will need some help.
Footprints can help with valuing the business. There are many methods to include the asset-based approach, the income valuation approach, industry formulas and rules of thumb or maybe a mixture of them all.
The correct one could depend on the industry, the stage of the businesses life cycle that the business is in, there are lots of variants to consider.
Once you have agreed on price, you may need some help in raising the finance. This is a speciality of ours with our MD having 20 years experience in banking and lending prior to retraining as a qualified accountant.
Then there are the numerous tax saving strategies to consider. It is imperative that you purchase this business in the correct way.
Lastly, it is critical that the correct due diligence is carried out. For example, are HMRC taxes up to date, are the financial figures correct and are there any skeletons in the closet.