Now that you’ve identified a number of businesses for sale that you are interested in, the next step is to arrange a viewing on the business. Viewings will allow you to meet the business owner, get a feel for the business and start your process of due diligence.
We’ve included our tips for arranging viewings on a business with a physical premises below:
- When you are attending the viewing, prepare yourself a list of questions to ask the owner. 5 questions to ask when buying a business.
- Have a good look around the business, can you see potential?
- Get a feel for the local competition.
- What other businesses surround this business? Do they complement the customers your business needs to thrive?
- Don’t be put off by its decor, it nothing that a lick of paint can’t fix.
- What is the area like for schools, how much is accommodation, do you need to relocate?
- Think of your lifestyle, does this business suit you and do you suit the business?
To book a viewing on a business you can either submit a viewing request via our website or contact the office on 0800 6127718 to speak to the Business For Sale Team who will contact the buyer and arrange a suitable time.
Tips for making an offer
Once you’ve found the business you can picture yourself owning, you need to start thinking about making an offer to allow you to enter due diligence and take the business off the market.
- You will need to decide how you will finance the business purchase. If you do not have the fuller amount you may be able to borrow up to 75% of the business asking price from a bank. View our business finance page for more information.
- Leave room for negotiation, if needed. With most business sales an element of negotiation will be required.
- Make sure you have funds available for placing a deposit. Once an offer is accepted then a deposit will need to be taken. This is normally around 10% of the asking price.
- The deposit will be placed in a holding account.
- Once an offer is accepted and a deposit taken then the heads of terms will be drawn up and provided to both parties solicitors for the legal side to begin.
View our businesses for sale page or see more of our how to buy a business guides.