where to gain information on buying a business?

kdowling

i am looking to buy a business but i don't feel i have enough knowledge of the process to avoid pitfalls etc

can anyone advise me on how to best educate myself on this?

i was think of doing a course on acquisitions of small business' if one exists (preferably online distnace learning) but have not been able to find one.

any advise would be appreciated.

niallys

Its pretty simple.Look at the books, whats going in and whats going out bearing in mind your outgoings may be higher due to the business purchase repayments. Also need to look at making sure whats coming in will always be coming in.

a good solicitor will help you avoid the pitfalls during aquisition

ssbob

niallys wrote: »

a good solicitor will help you avoid the pitfalls during aquisition

Also a good accountant, are you looking at a specific business or any business? Ltd company or sole trader business?

Goodwill is the big thing, how much over the odds you are willing to pay for retention of customers(will they actually stay with you when previous owner leaves the business)

Make sure if you are buying a sole trader business that you get full details of salary take out by owner also!!

kdowling

thanks for the replys guys.
I am looking to buy a pharmacy. (i am a pharmacist)
But I am going to wait until the market settles down and the government has
stopped making cuts.
in the meantime I want to do as much research into acquisitions as possible.
i was looking for a course on it but cannot find a suitable one.
I was thinking of showing interest in any pharmacies that come up for sale and viewing the accounts and learning that way.

any other suggestions?

ssbob

kdowling wrote: »

thanks for the replys guys.
I am looking to buy a pharmacy. (i am a pharmacist)
But I am going to wait until the market settles down and the government has
stopped making cuts.
in the meantime I want to do as much research into acquisitions as possible.
i was looking for a course on it but cannot find a suitable one.
I was thinking of showing interest in any pharmacies that come up for sale and viewing the accounts and learning that way.

any other suggestions?

Could you look into franchising a Pharmacy maybe? Sam McCauley/Boots etc? They would provide good back up but I would say that you would need good capital behind you before that. I am not sure about the Pharmacy business myself but would you have to get approved by the HSE?

Where in Ireland you looking to do this?

kdowling

ssbob wrote: »

Could you look into franchising a Pharmacy maybe? Sam McCauley/Boots etc? They would provide good back up but I would say that you would need good capital behind you before that. I am not sure about the Pharmacy business myself but would you have to get approved by the HSE?

Where in Ireland you looking to do this?

the big chains don't franchise in ireland. There wouldn't be a [problem getting registered with the HSE.
I'm looking around the Dublin area.

I'm looking to research research research over the next year or so but having difficulty finding the information.

ssbob

kdowling wrote: »

I'm looking to research research research over the next year or so but having difficulty finding the information.

Sometimes it can be quite difficult but did you train in a chemist that may be able to point you in the right direction? I would advise going to see an accountant, intial meetings are usually free and accountants can have a lot of information for you on what to look for in the numbers etc.............I mean I could probably help you out myself but it can be complicated enough and quite hard to explain here.

Bob

kellso81

Have a look in the IPU handbook for a list of recommended accountants who specialise in pharmacy accounts, sales and aquisitions. There are 3 or 4 listed there. Give them a ring, register an interest, maybe arrange a meeting and give them all your questions.