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- By Daren Leng, Senior Business Broker, ABC Business Sales
If you’re considering buying a business, being prepared is key.
Here’s what you need to know before you take the plunge.
Define your business criteria
Make sure the business aligns with your goals. Understand the industry, size, profitability, and growth potential that matches your objectives. It may take time to find the perfect fit, so be patient.
Achieve financial clarity
Get your finances in order. Consult with your bank and a finance broker to understand your financial standing and funding options.
This ensures you’re ready to make a move when the right business comes along.
Legal and professional support
Engage experienced professionals. A business broker can guide you, an accountant can assess financials, and a lawyer can check contracts and compliance.
Using experts with experience in business sales is crucial to avoid stifling or derailing a deal.
In summary, buying a business requires preparation and the right support.
If you need assistance, I’m happy to refer you to my network of specialists and advisors for free. Just pick up the phone.
- Daren Leng, Senior Business Broker at ABC Business Sales. Phone 021 0278 6045 or email darenl@abcbusiness.co.nz.
