Looking to Buy a Small Business in Ireland - Where to Start? (Newbie)

k3s5r5 · 04-01-2025 10:14PM #1

Hey everyone,

I'm hoping to get some advice from experienced business owners or anyone who's gone through the process of buying a small business. I'm looking to take the plunge and become my own boss, but I'm feeling a bit lost on where to even begin.

Here's a little about my situation:

I've been living in Ireland for the past 5 years and working a full-time job.
I've managed to save up a few thousand euros for an emergency fund and have around €20,000 - €30,000 that I'm willing to invest in a business.
Initially, I was thinking of starting something very small from scratch, like a waffle shop (love waffles!), but I realize I'm not fully clued in on all the setup requirements, regulations, etc., especially as I only moved here 5 years ago. I believe for starting from scratch a lot of funding will be required.
So, I'm now leaning towards buying an existing small business instead. It seems like it might be a smoother entry point for a newbie like me, plus some of the groundwork will already be done.

My main questions are:

Where's the best place to look for small businesses for sale in Ireland? Are there specific websites, brokers, or forums that are particularly good? I've seen sites like BizBuySell, but are there any Irish-specific resources I should be focusing on?
What's the process like for buying a business? What are the key steps involved, from initial research to due diligence to finally taking over?
What are some common pitfalls to watch out for? Any red flags I should be aware of when evaluating potential businesses?
Any other resources to learn more about business?

Any advice, tips, or resources you could share would be greatly appreciated. I'm eager to learn and make this dream a reality, but I want to do it right.

Thanks in advance for your help!

Gloomtastic! · 09-01-2025 09:27AM

Where are you based?

poker--addict · 10-01-2025 09:35AM

To my knowledge there is no specific websites and little culture of selling businesses online/very publicly like in some other countries, the result is it leans itself towards word of mouth, networking, and direct approaches. The positive to this is there are many people who pass busineses down families or the business just dies, as people don't realise they could sell a going concern, and don't always see the value you might see.

Gloomtastic! · 16-01-2025 07:35PM

WTF! You want to buy a small business, start an on-line casino. 😂😂😂😂

user060916 · 10-02-2025 08:49PM

I've always been looking for something similar, a good website / broker that lists small businesses for sale. I'd love to buy a few more ecommerce websites but they're very hard to find. It's just drop shipping scams for sale by the looks of it

Alexander Ozzie · 25-02-2025 12:09AM

if you still seeking the business opportunity PM me… we can workout together..

rvictor · 06-05-2025 05:57PM

I have recently been involved with buying a small business, so hopefully I will be able to help with your questions.

Where's the best place to look for small businesses for sale in Ireland?

A website where you can look is https://www.businessesforsale.ie/irish/search/businesses-for-sale. There are a few brokers involved with the buying and selling of businesses - Dealchasers comes to mind for me now and they also usually have listings on that website.

What's the process like for buying a business?

It will typically start off with meeting up with the seller and asking all your questions that you have. If everything seems good, you will proceed to make an offer. If the seller accepts the offer, both parties will get their own solicitors who will set up all the legal documentation. There will be a Heads of Terms, where you will negotiate initial clauses that can carry over to the Share Purchase Agreement (in the case of a share purchase - I don't have much knowledge of an asset purchase). You will do your due diligence before signing the SPA, which your solicitor will guide you with. The solicitor might also be involved with the transfer of funds.

Once the agreements are signed and payments made, you will take over trading of the business. You will also be responsible for registering the transfer - your solicitor or an accountant can assist with this.

What are some common pitfalls to watch out for?

It is not a legal requirement to have a solicitor, but it can definitely save you a lot of money in the long run. My recommendation is to agree to a fixed fee with a solicitor, no matter how simple the deal might seem. You have the option to choose an hourly rate, but that can get very expensive quickly.

Do proper work with the due diligence - make sure that you are not buying a business with overdue payments, unless you are aware of it. Also make sure that the business is not currently involved with any legal disputes.

I am sure there are a lot to watch out for, but I think it is good to just keep a level head and not get overexcited with the opportunity.

Looking to Buy a Small Business in Ireland - Where to Start? (Newbie)

Welcome!

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Welcome!