If you’re thinking of business acquisition, the options available to you are numerous. But how do you find out what your options are? Our advice to you is to look for legal experts, who run their own law firms in the city of London, who have hands on experience at running a business and can help you on your way to a great profitable adventure. Right from the start, you will be guided in areas where you need help the most: finance for your venture, choosing the right company and industry for you, business planning and all the legal work needed for a successful business acquisition.
A business is deemed an excellent acquisition when it makes a profit. Even a marginal profit is good business for some. But of course, ‘good business’ and ‘profit’ are relative. If you have a set figure in your business plan (which is paramount in business planning) but you achieve 80% of the target, would that be a good result for you? How dependent are you in the first-year takings result? A business lawyer will have the insight to analyse your business plan and assess its viability. You will also get essential financial advice to assess risks and how feasible the business plan actually is.
Before you take ownership of a business, you might require a business acquisition loan in order to finance your new venture. Ask your business lawyer about options available in relation to financing a new acquisition and negotiating the price of a new business, as well as any legal fees. Your business lawyer works closely with leading banks and commercial lenders who can step in and help you on your way to success. Your business lawyer will also set up a finance agreement for you and your partners, protecting your business interests and ensuring that you’re compliant with legislation and protected from any possible risks.
Looking for businesses on or off the market takes time and clear thinking from your part. It isn’t random shopping, although it isn’t unheard of, people randomly window shopping and finding gold. But you do need to think about the right business for you. Will you be acquiring a company with your colleagues/friends/family? Is there an industry that’s more appealing to you and why? What finances and skills have you got in place, and do you and your business partners have a business plan in place? You will benefit from the input and expertise of a reputable financial adviser who will assist you in drafting a business plan and see the bigger picture. This might help you avoid higher operating costs when you start trading.
Home work for you: meet with your future business partners, unless you’re planning to go solo. Start drafting a business plan and get your partners to, at least, verbally agree with the initial draft. Think of any finances you have in place and what you might need to supplement the budget. Remember that your business lawyer can help explore avenues here so, don’t be discouraged with the outcome. If you and your partners can’t come up with a budget that covers everything, your lawyer will connect you with a bank or commercial lender. Ring our office and ask to speak to a business lawyer for a first consultation on the phone – there are no obligations and no fees for your first consultation. SG
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