Buyer's Guide: How to Buy a Business with Onbiz
When buying a business, there are many important factors to consider. From the industry sector and geographic location to the legal structure of the business, each element requires careful thought and planning to ensure a smooth and successful purchase.
At Onbiz, we’re here to help. Our guides provide valuable insights and step-by-step advice to inform and support you through every stage of buying—or selling—a business. Whether you’re exploring new opportunities or looking to expand your portfolio, you’ll find all the resources you need right here.
How to Buy a Business – The First Steps with Onbiz
What type of business suits you best? Are you looking for a hands-on role or a passive investment opportunity? With Onbiz, you can explore a wide range of businesses for sale across various industries, locations, and budgets.
If you’re new to business ownership, ask yourself: Are you ready for the challenges of running a business? What are your financial resources, and is your family supportive? Clarifying these points will prepare you for success.
Whether you’re interested in a café, retail shop, or commercial property, narrowing your search by sector, location, and price will help you find the perfect fit. Start your journey today by browsing businesses for sale on Onbiz.
How to Buy a Business – The Next Steps
Understanding why a business is for sale is key. While many sell for legitimate reasons like retirement or relocation, it’s worth asking the seller directly. If they’re eager to exit quickly, you might have room to negotiate a better deal.
Some businesses may be struggling, but don’t rule them out. Poor management could mean untapped potential, and with the right approach, you could turn things around at a bargain price. Speak with the seller or their broker for an honest assessment of the business’s value and prospects.
Evaluate the business from a customer’s perspective. Why would someone choose it over competitors? Seek opinions from trusted friends or family, but remember the final decision is yours. Arrange a viewing, and do your own research by visiting during regular operations to get a genuine feel for how it’s run.
By staying objective and thorough, you’ll be well-prepared to make an informed choice.
How to Buy a Business – The Final Steps
Once you’ve found the right business, ensure you can afford the total cost—not just the purchase price, but also legal fees, accountancy costs, working capital, and your personal living expenses during the transition. A solid business plan will help you budget and plan for the first few years.
When it comes to the asking price, treat it as a starting point. Be prepared to negotiate and back up your offer with clear reasoning. Highlight advantages like being a cash buyer or offering a quick sale to incentivise the seller. Always set a financial limit and avoid overstretching yourself.
If your offer is accepted, detailed due diligence is essential. Review trading accounts, VAT returns, leases, contracts, and potential disputes. Whether you’re buying assets or the entire entity, seek professional advice to ensure your investment is secure.
By being thorough and prepared, you’ll set yourself up for success in your new venture.
How to buy a Business – The Last Word
Buying a business is an exciting time, and it’s important you remain enthusiastic and determined through the process. But also take care to make sure you make the right decision for you. Read through this guide again, or take a look at any of the associated articles – all written to help you buy a business.
Summary – How Do I Buy a Business?
Decide to Buy
Start by understanding your goals. Why do you want to buy a business? Align your decision with what you aim to achieve personally, professionally, and financially.
Prepare Yourself
Buying a business is a big step. Be ready for both the excitement and the challenges, and ensure your family is on board with the journey ahead.
Know Your Budget
Determine what you can afford, whether through savings, loans, or other funding options. Knowing your financial limits is essential before making any offers.
Find Businesses for Sale
Explore businesses that align with your goals and budget. With plenty of opportunities listed on Onbiz, you’re sure to find the perfect match.
Negotiate Smartly
Learn the art of negotiation to secure the best deal. Be firm but fair, and always stick to a price you’re comfortable with—don’t overspend in the moment.
Seek Professional Help
Engage accountants, solicitors, and other experts to guide you through the process. Their advice is invaluable in making informed decisions and safeguarding your investment.
By following these steps, you’ll be well on your way to owning a business with confidence and clarity.