There are many important questions to consider when purchasing a business.
While 'Can I see three years's worth of Financials?' is the most common question we get, this is rarely helpful (unless you are going to continue operating the business exactly the same as the Vendor or the asking price is over $500,000).
Typically we will want to know;
- How long is left on the lease?
- Is there a renewal option?
- Is there a demolition clause?
- Is there a Franchise or Royalty Fee?
- How much training will the Vendor provide?
- Are you looking for a Share Purchase or Asset Purchase?
- Is any equipment leased?
- Is the electrical panel up to code?
- Is the Ventilation/Make-up Air system up to code?
- Do you require Class 1 or 2 venting?
- How thorough does the Landlord require your business plan to be?
- Are your personal and professional financials in order?
- Is there any Intellectual Property included?
- What's the Allocation of Purchase Price?
- What kind of time commitment are you looking to contribute to this business?
...plus typically much more
Avoid time-consuming and costly mistakes and put my experience to use to help you.
From considering your intended industry or business type, to your desired level of work life balance and required earnings, let me assist you in getting a solid game plan together.
I've got a great team of Lawyers, Accountants, Contractors and Inspectors that work with me to assess both the quality and the caliber of a business.
As an additional layer of help, I've created a free Buyer and Tenant Preparation Package to help you get ready before we even start considering potential businesses for you to purchase.
To get the ball rolling, all you need to do is fill out the form on the right side and I will help you start the process!
