Buying a busniess could prove to be a good alternative to starting a busniess for those who want to become their own boss. But beware, the project is no less complex and requires good organization to achieve its goals. A short overview of the key steps to follow.
1. Define a project
Identify the industry and the profession that attracts you for your recovery, busniess type, size, number of employees and revenue, its geographic location. Start inform you about existing busniesses for sale and do you train a realistic project for you based on it. Remember also that recovery can therefore mean move and new life. Give yourself and your family on this and make sure you have all the necessary infrastructure regarding your privacy, especially if you have children who are still in school.
1. Define a project
Identify the industry and the profession that attracts you for your recovery, busniess type, size, number of employees and revenue, its geographic location. Start inform you about existing busniesses for sale and do you train a realistic project for you based on it. Remember also that recovery can therefore mean move and new life. Give yourself and your family on this and make sure you have all the necessary infrastructure regarding your privacy, especially if you have children who are still in school.
2. Finding a busniess to take over
This is an essential but difficult step, requiring a lot of hard work and patience, and the fact is that there are competitors. There is usually a company in France for five buyers, but it depends on the sector concerned. To achieve this, use specialized networks linking the seller and buyer, help those around you, follow training courses dedicated to the recovery, go to dedicated lounges, looking for companies to sell on the Internet or contact the registry of the commercial court for busniesses that are closing.
3. Meet the Seller
Once you've found your perfect match, make an appointment as soon as possible with the seller to squeeze your potential competitors. This is a key event where you get to make a good impression and convince the seller about you by your personality. It is preferable to set the time at the convenience of the seller and to go alone, with your project presentation sheet. It was during this meeting that you have to know everything about the case you're interested: Identify the motivations of the seller, is it decision maker or not, what he sells (goodwill, assets, etc.), he has associates, are employees aware of the process, ask a brief history of the company and think about the customer and competition. Do not hesitate to ask to visit the company for any course assessment (premises, employees ...)
4. Diagnose the company
If the meeting with the seller and visiting places you have been favorable, get started in the diagnosis of the company to resume. Start by cross-check information gathered from the seller with the ones you find on the Internet, in documentation centers, or in a corporate presentation file, you can ask the seller. Take particular point on products, competition, customers, accounting, human resources, legal side and the safety and environmental aspects. If nothing holding you as a result of this overlap, you can then appoint an auditing firm to audit acquisition. Take the opportunity to evaluate the company in terms of value, that is to say, both the cost of the purchase but also its future value after acquisition.
5. Find funding
If you put yourself in agreement with the seller and you sign a memorandum of understanding is that it is time to find funding for your project. You must bring 20 to 30% of own funds in your recovery, which will be a determination of evidence for your donors. Anyway, it is not advisable to invest 100% of its assets in a corporate takeover to minimize the risks. Otherwise, you can then use loans from family, make a call to investors, or claim a credit in the bank.
Once the sale is made, you will be the owner and enjoy entrepreneur status. It is best to let a transitory period when buyer and seller together to a smooth change, including and especially for employees.
This is an essential but difficult step, requiring a lot of hard work and patience, and the fact is that there are competitors. There is usually a company in France for five buyers, but it depends on the sector concerned. To achieve this, use specialized networks linking the seller and buyer, help those around you, follow training courses dedicated to the recovery, go to dedicated lounges, looking for companies to sell on the Internet or contact the registry of the commercial court for busniesses that are closing.
3. Meet the Seller
Once you've found your perfect match, make an appointment as soon as possible with the seller to squeeze your potential competitors. This is a key event where you get to make a good impression and convince the seller about you by your personality. It is preferable to set the time at the convenience of the seller and to go alone, with your project presentation sheet. It was during this meeting that you have to know everything about the case you're interested: Identify the motivations of the seller, is it decision maker or not, what he sells (goodwill, assets, etc.), he has associates, are employees aware of the process, ask a brief history of the company and think about the customer and competition. Do not hesitate to ask to visit the company for any course assessment (premises, employees ...)
4. Diagnose the company
If the meeting with the seller and visiting places you have been favorable, get started in the diagnosis of the company to resume. Start by cross-check information gathered from the seller with the ones you find on the Internet, in documentation centers, or in a corporate presentation file, you can ask the seller. Take particular point on products, competition, customers, accounting, human resources, legal side and the safety and environmental aspects. If nothing holding you as a result of this overlap, you can then appoint an auditing firm to audit acquisition. Take the opportunity to evaluate the company in terms of value, that is to say, both the cost of the purchase but also its future value after acquisition.
5. Find funding
If you put yourself in agreement with the seller and you sign a memorandum of understanding is that it is time to find funding for your project. You must bring 20 to 30% of own funds in your recovery, which will be a determination of evidence for your donors. Anyway, it is not advisable to invest 100% of its assets in a corporate takeover to minimize the risks. Otherwise, you can then use loans from family, make a call to investors, or claim a credit in the bank.
Once the sale is made, you will be the owner and enjoy entrepreneur status. It is best to let a transitory period when buyer and seller together to a smooth change, including and especially for employees.
RSS Feed