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Guide to Buying a
Business Decide what you are
looking for?
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What type of business are you looking for? |
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Where in the UK are you looking to be
located? |
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Tenure, are you looking leasehold or
freehold? |
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What price are you looking up to? |
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Do you require accommodation? |
Now you have decided on the above it is time
to Register and see the different businesses available for you. Registration
is FREE, we will send your user name and password via royal mail and you will
be able to Login and access the full details online.
Nationwide Businesses is one of the few business transfer agents that displays
full business details online including photos, address, maps and you can even
make appointments online.
How much capital is required?
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You need to have the money for: |
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The business purchase price. |
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Stock at valuation |
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Solicitors fees |
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Rent is payable in quarterly in advance
(if leasehold). |
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Rent deposit may be required (if leasehold
depending on references). |
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Finance arrangement fees (if required) |
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Wholesalers deposits |
How do I arrange
finance?
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Approach your own bank - the small
business advisor is there to help. Alternatively, let a broker find you a
deal. We can recommend reliable financiers eager to lend. |
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Re-mortgage / sell your house |
How much is the
maximum borrowing using the business as sole security?
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55% of the purchase price on a leasehold. |
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75% of the purchase price on a freehold. |
What’s the
difference between leasehold and freehold?
On a freehold you purchase the business,
goodwill, fixtures and fittings and the building. On a leasehold you purchase
the business and the lease – you rent the building / premises from the
landlord.
Can I look at the
location before disturbing the vendor?
YES, we are happy to give out addresses for
customers to look at the location of a business, please note: all address are
given in confidence, if you want to meet the owner you must make an
appointment.
How do I make an
appointment?
Contact us either online or via the
telephone, request a day and time that suits you, we will contact the vendor
on your behalf and arrange the appointment as requested.
When going to see a business ask for the
vendor, please be discrete, as most vendors will not have told staff,
customers or other shops know that they are wishing to sell.
If you are running late for an appointment
or unable to attend please call either the vendor or Nationwide Businesses Ltd
who will be pleased to reschedule the appointment on you behalf.
What do I do once I have
seen a business?
Contact Nationwide Businesses either via
this site or on the telephone, even negative feedback is good as it helps us
to help you find the business that you want.
If you are interested in taking the business
further:
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Request a copy of the accounts, VAT
returns, copies of takings figures. |
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Contact us and make an offer.
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All written correspondence mark ‘Subject
to Contract’ |
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ALL OFFERS AND NEGOTIATIONS VIA OUR
AGENCY. |
What do I do once my offer has been
accepted?
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Appoint Solicitors - Solicitors who will
legally transfer the business. |
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The solicitor will undertake local
searches, approve the contract, advise on the procedure of transfer of ANY
licences (for Pubs, Wine bars, Off Licences, etc.) as appropriate, verify
the lease, liaise with the landlord, etc. |
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Arrange the Finance - Business Finance -
Shop around for the deal that suits you. Approach your own bank - the small
business advisor is there to help. Alternatively, let a broker find you a
deal. We can recommend reliable financiers eager to lend. |
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All loans are subject to valuation,
survey, references and interview. |
What happens at exchange
of contracts?
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Exchange Contracts - a deposit is paid and
there is a legal commitment and a completion date is set. |
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At this stage vendors allow purchase to
come to the business meet customers, suppliers, etc.
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You must arrange Insurance: Life cover and
building insurance, contents to cover the stock, and your processions. |
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Arrange for an independent stock-taker
Stock Valuation this is usually a shared cost between vendor and purchaser
and will take place on the day of completion. |
What happens next?
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Complete – you are now the owner of the
business. |
NB. We can recommend reliable financiers,
thorough solicitors, conscientious insurance brokers and efficient
stock-takers.
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