{"id":9024,"date":"2024-01-31T16:22:49","date_gmt":"2024-01-31T05:22:49","guid":{"rendered":"https:\/\/ph.trdemo.com.au\/rogersonkenny\/?p=9024"},"modified":"2024-12-12T19:18:53","modified_gmt":"2024-12-12T08:18:53","slug":"should-you-buy-an-existing-business","status":"publish","type":"post","link":"http:\/\/ph.trdemo.com.au\/rogersonkenny\/should-you-buy-an-existing-business\/","title":{"rendered":"Should You Buy an Existing Business?"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”advanced” border_bottom_desktop=”7″ column_border_color=”#967033″ column_border_style=”solid”][vc_column_text]\n

Let\u2019s<\/span> explore some pros and cons <\/span>of<\/span> purchasing<\/span> an existing business.<\/span><\/span>\u00a0<\/span><\/h2>\n[\/vc_column_text][vc_column_text]If you are <\/span>purchasing<\/span> a business that is currently trading, during the sales process it should be \u201cbusiness as usual\u201d to suppliers, <\/span>customers,<\/span> and staff. <\/span><\/span>[\/vc_column_text][image_with_animation image_url=”9028″ image_size=”full” animation_type=”entrance” animation=”Fade In” animation_easing=”default” animation_movement_type=”transform_y” hover_animation=”zoom-crop” alignment=”center” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”50%” max_width_mobile=”default”][vc_column_text]It is important to understand what it is you are <\/span>actually buying<\/span>.<\/span> Will you be buying just the business and assets with the business<\/span>?<\/span> O<\/span>r the whole existing entity? <\/span>Those questions are out<\/span>side the scope of this <\/span>article, <\/span>but it is important you are aware<\/span> of them and that you seek personal <\/span>advice so<\/span> you can <\/span>make i<\/span>nfo<\/span>rmed decisions<\/span>.\u00a0\u00a0<\/span><\/span>\u00a0<\/span>[\/vc_column_text][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][vc_column_text]\n

So, what are some of the a<\/span>dvantages of <\/span>b<\/span>uying <\/span>a<\/span>n <\/span>e<\/span>xisting <\/span>b<\/span>usiness<\/span>?<\/span><\/span>\u00a0<\/span>
\n<\/strong><\/h2>\n[\/vc_column_text][vc_column_text]There are many advantages when buying an existing business. If you understand what you are buying, what generates income, the internal and external <\/span>strengths<\/span> and weaknesses, and have done your homework on the business, its customers, suppliers, staff, <\/span>systems<\/span> and processes \u2013 then it can be an excellent way to \u201cget into business\u201d as opposed to starting something from scratch. <\/span><\/span>\u00a0<\/span>
<\/span>\u00a0<\/span>
<\/span>Starting a business from <\/span>scratch,<\/span> will mean you have no history, no customers, no suppliers, no money \u2013 a big <\/span>reason why<\/span> many <\/span>startup<\/span> businesses <\/span>don\u2019t<\/span> make it.<\/span><\/span>\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

You’re<\/span> buying a future maintainable income <\/span>stream<\/span><\/span>\u00a0<\/span><\/strong><\/em><\/h3>\n

You are buying an asset that generates income, that has a history of doing so, that is going to deliver a return on your investment.\u00a0<\/span> Which when<\/span> you are considering the purchase, you can test and prove and calculate this return on your investment.\u00a0<\/span> <\/span>Starting a business from scratch, you really have no idea.\u00a0<\/span><\/span>\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Established supplier <\/span>relationships<\/span><\/span>\u00a0<\/span>
\n<\/strong><\/em><\/h3>\n

These allow<\/span> for the business to continue with relationships already established and well-functioning.<\/span><\/span>\u00a0<\/span>
<\/span>\u00a0<\/span>
<\/span>Beware – <\/span><\/span>if you are buying the business and not the entity, the relationship with a supplier may stop and you may need to re-apply for credit terms, <\/span>etc<\/span>, as typically the supplier has the agreement with the business entity and that may not transfer on sale.<\/span><\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Existing customer base<\/span><\/span>\u00a0<\/span><\/strong><\/em><\/h3>\n

The phone will ring Monday! A big difference to starting a business, an existing business will have customers and maintain the status quo for sales (all things being equal). <\/span><\/p>\n

This needs to be one of your deepest dives when looking to buy a business…. <\/b>What is generating the income? From who? And will it continue?\u00a0<\/span>\u00a0<\/span><\/p><\/blockquote>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Established business <\/span>infrastructure<\/span><\/span>\u00a0<\/span><\/strong><\/em><\/h3>\n

You are acquiring the physical assets such as plant and equipment, systems, <\/span>processes<\/span> and IP that can generate income.\u00a0<\/span> All assets have been tried and tested, developed, improved to their current <\/span>point<\/span> that is allowing this generation of income.\u00a0<\/span><\/span>\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Existing Staff and Knowledge<\/span><\/span>\u00a0<\/span>
\n<\/strong><\/em><\/h3>\n

Taking over an existing local business also means inheriting staff who are already familiar with operations. The selling owner can also provide invaluable knowledge during the handover process to help you transition smoothly.<\/span><\/span>\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”advanced” border_bottom_desktop=”7″ column_border_color=”#967033″ column_border_style=”solid”][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][vc_column_text]In isolation these may all seem like solid reasons to <\/span>purchase<\/span> an existing business, however, like most things, there are two sides to <\/span>consider<\/span>.<\/span><\/span>\u00a0<\/span>[\/vc_column_text][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][vc_column_text]\n

Let’s<\/span> now <\/span>evaluate some of the d<\/span>isadvantages of <\/span>b<\/span>uying <\/span>a<\/span>n<\/span> e<\/span>xisting <\/span>b<\/span>usiness<\/span>.<\/span><\/span>\u00a0<\/span><\/span>
<\/span><\/strong><\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Overvaluation Risk<\/span><\/span><\/strong><\/em><\/h3>\n

There’s<\/span> a risk that the selling business owner overvalues the asking price for reasons like emotional attachment. <\/span>As the buyer, overpaying<\/span> can severely <\/span>impact<\/span> your return on investment.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Outdated Technology or Equipment<\/span><\/span>\u00a0<\/span><\/strong><\/em><\/h3>\n

You also run the risk of inheriting outdated technology, machinery or equipment that requires costly upgrades post-purchase. These hidden re-investment costs can eat into your working capital.<\/span><\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Existing Liabilities and Debt<\/span><\/span><\/strong><\/em><\/h3>\n

Make sure to carefully comb through the finances to check if there are undiscovered or hidden local liabilities like unpaid taxes, lawsuits etc. that you could become liable for as the new owner.<\/span><\/span>\u00a0<\/span>
<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Local Staffing Challenges<\/span><\/span><\/strong><\/em><\/h3>\n

Inheriting existing staff can also create challenges if they <\/span>don’t<\/span> share your vision or resent the change in local ownership. Key staff leaving can <\/span>jeopardiz<\/span>e operations and profitability.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”10px” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color=”#eaeaea” background_color_opacity=”0.4″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”small_depth” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Over-Reliance on Outgoing Australian Owner<\/span><\/span><\/strong><\/em><\/h3>\n

Sometimes the outgoing owner was critical to the business’s success via key customer\/supplier relationships or some specialized skill or knowledge. Losing them can negatively <\/span>impact<\/span> the business if you become over-reliant on them during the transition process.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”advanced” border_bottom_desktop=”7″ column_border_color=”#967033″ column_border_style=”solid”][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][divider line_type=”Full Width Line” line_thickness=”10″ divider_color=”extra-color-1″][vc_column_text]Buying an existing business can be a strategic springboard for aspiring entrepreneurs seeking to bypass the initial hurdles of launching a venture from scratch. However, meticulous due diligence, professional guidance, and a realistic assessment of both the advantages and potential drawbacks are paramount for ensuring a successful acquisition.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\n

Remember– <\/span><\/i>Assembling a team of experts like an accountant and a solicitor specializing in business acquisitions can provide invaluable support throughout the process. Additionally, adopting a cautious approach, refraining from major changes during the initial year of ownership, and prioritizing observation can offer crucial insights into the business’s dynamics before implementing significant alterations.\u00a0<\/strong><\/h4>\n<\/blockquote>\n

<\/h4>\n

 <\/p>\n

 <\/p>\n

At Rogerson Kenny, we believe buying an existing business makes a lot of sense for aspiring local entrepreneurs who want to avoid the risks and effort associated with starting a new business from scratch. Just be sure to conduct thorough due diligence with the help of professionals to ensure you don’t inherit problems that outweigh the benefits. Our expert\u00a0 team can help guide you through the process of buying an existing business successfully.\u00a0<\/strong><\/h4>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#f6f6f6″ scene_position=”center” top_padding=”70″ bottom_padding_tablet=”50″ top_padding_phone=”30″ bottom_padding_phone=”50″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” class=”banner-bg-image” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”slight-zoom-out-reveal” shape_type=”” gradient_type=”default”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/3″ tablet_width_inherit=”default” animation_type=”default” enable_animation=”true” animation=”grow-in” animation_easing=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid” column_padding_type=”default” gradient_type=”default”][image_with_animation image_url=”8422″ image_size=”full” animation_type=”entrance” animation=”None” animation_movement_type=”transform_y” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”110%” max_width_mobile=”default” el_class=”pdf-book1″][\/vc_column][vc_column column_padding=”padding-2-percent” column_padding_tablet=”no-extra-padding” column_padding_phone=”no-extra-padding” column_padding_position=”left” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” el_class=”help_right_col” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2\/3″ tablet_width_inherit=”default” animation_type=”default” enable_animation=”true” animation=”grow-in” animation_easing=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid” column_padding_type=”default” gradient_type=”default”][vc_custom_heading text=”Buying a Business: Your essential guide.” font_container=”tag:h2|text_align:left|color:%23495a6f” use_theme_fonts=”yes” css_animation=”none”][vc_custom_heading text=”We’ve created this valuable 10 step checklist to guide you through the initial stages of assessing a potential business opportunity” font_container=”tag:h3|font_size:24px|text_align:left|color:%23495a6f” use_theme_fonts=”yes” css_animation=”none”][vc_column_text css_animation=”none” el_class=”help_list”]Designed to be thought-provoking, it helps you identify issues and opportunities in a business while covering essential operational and performance considerations, all backed by our business advisor insights.[\/vc_column_text][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJrYXJ0cmFfb3B0aW5fY29udGFpbmVyMzY2NjBlNTk4NTZiNGRlNThhMjE5YmNmNGUyN2ViYTMlMjIlM0UlM0MlMkZkaXYlM0U=[\/vc_raw_html][vc_column_text css_animation=”none” el_class=”help_list”]With our business advice, you’ll have the support and knowledge you need to make informed decisions, maximise success and drive your enterprise forward.[\/vc_column_text][vc_raw_js]JTVCd3Bjb2RlJTIwaWQlM0QlMjI4OTUwJTIyJTVE[\/vc_raw_js][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

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