Purchasing a business. What are the right questions to ask?

[Heatman]

If the business was offered for sale by the business owner , then you need to make enquiry on why the business is up for sale , secondly you need also to check if the business is in good shape , whether they have any outstanding payment in their payroll

Whenever it comes to purchasing a new business you need to know everything about their past financial records and the debts that there are into so that you know if it's something that you can carry on from.

 

[Shigobad2020]

There are many things to ask when you are purchasing a new business or the business that has been in existence for a long time, knowing their financial status and if their products is standard or needs to be upgraded.

 

[kayode10]

You should first ask the reason why the business is not doing well in terms of sales. You also need to determine how you can expand the operation of the business so that you will be able to make more profit in when you finally acquire it.

 

[CeeJase]

Purchasing a business requires one to be very cautious and tactical. The reason of sale is actually the most important verbal questions you need to ask the seller before requesting for past records with their clients. Also request for the remarks or review records from their past clients. Also their account books are very important to know the financial state of the company or business

You should always make sure to find out that the business is not into any kind of illegal activities so that the law enforcement agencies are not going to close it down even before you started.

 

[Heatman]

When purchasing a business, you need to know all the terms and conditions associated with it, you need to request for a signed document which contains in detail all the things you need to know about the business, like the current net worth of the business, it's partners, stock and shares.

This is actually why it is very important when you want to purchase any business you should involve a legal counsel because they are the ones that we understand the financial implications of any business that you want to purchase.

 

[Shigobad2020]

This is actually why it is very important when you want to purchase any business you should involve a legal counsel because they are the ones that we understand the financial implications of any business that you want to purchase.

Having a legal council representatives is very important when you are about to buy a business because they need to help you analyse the business to know its worth and price.

 

[ganibade]

To purchase a business, I would like to learn more from those who have purchased a business and they have successful in it this is a very good question that we need to share among business men and women.

 

[CeeJase]

Purchasing a business requires one to be very cautious and tactical. The reason of sale is actually the most important verbal questions you need to ask the seller before requesting for past records with their clients. Also request for the remarks or review records from their past clients. Also their account books are very important to know the financial state of the company or business

Even if you don't know anything about the business you must definitely know something about how their finances is set up and their debts that needs to be settled.

 

[Shigobad2020]

When you are buying a business, you must first make the necessary research and get the necessary information about the business to know how it works exactly and how to go about it.
When you are buying a business, you must first make the necessary research and get the necessary information about the business to know how it works exactly and how to go about it.

 

[Heatman]

You said it all, with those questions you thrown on the house owner. I wouldn't involve in buying a house without proper documentation of ownership. Or crisis marred building, meaning it is in lawsuit with another person over dispute of land encroachment.

This is why I believe that making use of legal counsel when you are trying to purchase business is very important because they will help me to figure out any legal implication that the business comes with.

 

[CeeJase]

Request three years of tax return papers. (In the event that an entrepreneur professes to have gotten more cash-flow than the expense forms show, yet didn't report it, the person might be deceptive in different territories as well.)

Some people actually prefer to start up their own business from the scratch instead of buying out under business because of series of implication that might shadow the business.

 

[Omotayo]

The i think you've said it all, it is important to note the outstanding debts and whether the business has a good standing in terms of financial ground and a good profit return.

 

[Heatman]

It is very important to ask questions like the type of business am about start, is it profitable will I make a benefit from business? What and what should i start with, the kind of product to purchase, this are the questions someone need to consider before going to business,

The history of the business that you want to put yours is very important because it is going to show you how the business have been progressing or decreasing with its transaction.

 

[CeeJase]

It is important to ask about the assets of the business and the liabilities first. It is basically knowing the worth of the business at that particular time.
To know these and more, one should obtain the books of account of the business.

If the business idea is something that you can actually do for yourself as well I believe that you have to ask serious questions about it so that you will know exactly how to carry on from where the person stopped.

 

[Lens]

Apart from asking questions, you also need to do personal research on the business you are willing to buy. It will tell you if the business is viable or not. That is probably the best option.

 

[Shigobad2020]

Apart from asking questions, you also need to do personal research on the business you are willing to buy. It will tell you if the business is viable or not. That is probably the best option.

Doing a personal research is very important when you are about to buy over a business , because you need to know the positive and negative informations on the company to know if it's worth buying.

 

[Maphalle]

As a buyer I would be interested in seeing and knowing the income and expenditures of the business to check if the business is viable or not, and that I will have to prove through the bank statements. Transparency should be allowed so that as a buyer I might know what I'm getting myself into.

 

[Lens]

Doing a personal research is very important when you are about to buy over a business , because you need to know the positive and negative informations on the company to know if it's worth buying.

It could be very detrimental when you buy a business that you know nothing about. Knowing the pros and cons of a business is a key and it's very necessary.

 

[Shigobad2020]

As a buyer I would be interested in seeing and knowing the income and expenditures of the business to check if the business is viable or not, and that I will have to prove through the bank statements. Transparency should be allowed so that as a buyer I might know what I'm getting myself into.

Everything you said is definitely right , but no business will ever let you know their weak side and the main reason why they are selling the business because they wont actually sell the business if its doing well in the first place.

 

[Syldan]

In purchasing a business, sometimes the question depends on such kind of business in question. Yiu may ask for the reason why the business is to be sold out, How good is the location, nature of the environment, and the market. depending on what you want to know about the business.