Matthew W. Lucas
Attorney at Law
 

703.821.5522

 e-mail: mlucas@cs.net
     
 

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Ten things to do when buying a business

 

 

 

  
1.
 Have an independent accountant go over the books for the past three years.  

2.

 

 Check the terms of the current lease. One client found he had to re-negotiate the lease when he added a new item to his inventory.  

3.

 

 Are licenses, permits, and taxes current? Some licenses and permits are transferable, but others require the new owners to qualify. Watch for gross receipts and personal property taxes.  
4.
 Inspect all the assets that will transfer with the business.   
5

 

 

 

 

 Visit the site:
  1. Visit at different times of the day to determine the traffic patterns in the area. What are the peak times?
  2. Is the facility well maintained?
  3. Is the lighting adequate for evening? Even if you are the only one using the facility at night, you do not want to be afraid to go to your car.
  
6.

 

 

 

Check the Inventory:

  1. Is it saleable?
  2. Will the vendors pass with the business? Are there debts or problems with the vendors?

  
7.

 

 

 

 

 

 

Check the equipment:

  1. How old is the equipment?

  2. Is it in working condition?

  3. Will there be a huge investment to bring it up to date?

  
8.
 Talk to the vendors of the business.  They can tell you a lot.  

9.

 

 

 

 

Visit the competition:

  1. Are they doing well?
  2. Can you tell why or why not?
  3. Can you do something better to make you unique?
  4. Can you duplicate the methods they are using that your customers would want?
 

10.

 

 

 

 

 

 

Check the current customer services:

Marketing procedures

What the current customer expects?

  1. Hours                                           
  2. Services

  
   
 
       
         
   
 
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