LOOKING FOR A BUSINESS TO BUY

[damras]

Hello everyone,

I'm looking for a small business to buy and I want to ask if there is anyone with information about platforms that provide this type of service.

I will be hoping for various solutions to my question.

Thanks

 

[fisicx]

Have you ever heard of Google? It's a service that allows you search for things like 'businesses for sale'.

 

[ThatDevAaron]

Hello everyone,

I'm looking for a small business to buy and I want to ask if there is anyone with information about platforms that provide this type of service.

I will be hoping for various solutions to my question.

Thanks

Don't listen to the moderator, they're salty for some reason.

Cool places that people often sell businesses on:
https://builtbybit.com (small digital businesses mainly)

You can also private message me with details regarding your criteria, and we can likely set you up with some businesses that match your requirements.

 

[fisicx]

@ThatDevAaron have a look at this:

Seeking Opportunities: Like Minds and Support for Diverse Business Ventures

I am a small business owner with experience in solid mineral mining, sourcing, refining, and exporting, primarily focusing on muscovite mica, lithium ore (including Amblygonite, Lepidolite, and Spodumene), and fluorite ore to China and other Asian countries. After relocating to the UK due to...

www.ukbusinessforums.co.uk

 

[Clinton]

I maintain a list here of the 30 top places to list a business for sale.

BuiltByBit doesn't feature as it's not established enough as a marketplace for businesses.

But your original question is weird. There is no platform that will provide a service of buying a business! There are marketplaces, that's it. You find a business there and it's up to you to assess its value, negotiate the price with the owner, do all the digging into the accounts, the legals, the operation etc., and then employ accountants and lawyers to do the rest.

If you don't know what you're doing with acquisitions, either be prepared to spend a lot of money on advice or ...stick to the day job.

 

[NickGrogan]

Have you ever heard of Google? It's a service that allows you search for things like 'businesses for sale'.

Can't see that taking off.

 

[JEREMY HAWKE]

You can have mine for £5.50 and a pack of Stella
You will get some rusty transits (Do not resuscitate)
A couple of old drivers (again Do not resuscitate)
An old portacabin that leaks
Some old computers that leak data like the portacabin leaks rain and are as slow as the Transits

 

[Mark T Jones]

You can have mine for £5.50 and a pack of Stella
You will get some rusty transits (Do not resuscitate)
A couple of old drivers (again Do not resuscitate)
An old portacabin that leaks
Some old computers that leak data like the portacabin leaks rain and are as slow as the Transits

I'll buy it, but only if it has POTENTIAL

 

[JEREMY HAWKE]

I'll buy it, but only if it has POTENTIAL

It does with a better owner

 

[Clinton]

I'll buy it, but only if it has POTENTIAL

You've obviously spoken to some business sellers. The "massive potential" line does get my goat. Here are some that I posted in LinkedIn just today (potential is at #4):

#1: "I want someone who can see the real value in the business," says the business owner who's got absolutely no idea what he's doing or how buyers value businesses.

#2: "My valuation is £200K but I'm selling for £80K". I know, I know, you're trying to make it sound like a deal. It doesn't. It sounds like you're desperate.

#3: "Limited company for sale for £x + SAV". You don't own the bloody stock, the limited company does. :eyeroll: My eyes hurt. Just stop!

#4: "Massive potential". I'm not even going to comment on this idiotic claim except to say a buyer recently told me, "Everyone who claims massive potential is a massive kn*b".

#5: To a business broker / M&A firm / buyer: "I'll sell if I get the right price". No, either you'll sell at the best price the market can give you or... you're wasting everyone's time.

#6: "I went with a no-sale-no-fee business broker as there's no risk to me if the business doesn't sell" Duh. Read on my site how some of them can clean you out via the contract small print!

#7: "I sold my business myself, how hard can it be?" Yeah, someone on LinkedIn boasted about how he well he did to sell his business for £8m. He stopped boasting when, a few months later, the buyer sold it on for £25m!

#8: "I've not done any preparation for selling the business, I don't need to as it's a great business and anybody would be lucky to have it". Yeah, sure!

#9: "I couldn't find someone who recognised the real value in the business, so I closed it down." If the business was for sale, and properly marketed, the offers WERE the real value!

#10: "Award winning business...", "...in an industry worth £X billion", "...ideal bolt-on". Nobody cares about all that crap. Start with your profit, your net assets / shareholder funds and your fantastic growth rate over the last 3 years.

 

[ThatDevAaron]

You can have mine for £5.50 and a pack of Stella
You will get some rusty transits (Do not resuscitate)
A couple of old drivers (again Do not resuscitate)
An old portacabin that leaks
Some old computers that leak data like the portacabin leaks rain and are as slow as the Transits

I'll take the computers =)

 

[damras]

I specially thank you all for your invaluable inputs. These are taken seriously and I must say, it is very difficult buying businesses in this part of the world compared to Africa where I come from. Business acquisition where I come from is a lot easier due to so many factors. However, I want to continue learning about the key factors and maybe get onto it when I feel confident about taking the first huge step.
while I am still welcoming more input, thank you all once more...

 

[damras]

Don't listen to the moderator, they're salty for some reason.

Cool places that people often sell businesses on:
(small digital businesses mainly)

You can also private message me with details regarding your criteria, and we can likely set you up with some businesses that match your requirements.

Absolutely salty and uncalled for. Should not have been from a moderator. Anyway, thanks for your input and I will check out what you pointed at.

 

[damras]

Thanks for your input. I am convinced you know exactly what I meant to ask. However, thank for the time and the positive feedback. I wish you a blessed weekend!!!

 

[fisicx]

Google is still the best place to begin. Saying you want to buy a small business means different things to different people. It could be someone selling an tiny shopify store all the way up to a business with a 7 figure turnover. A SMB can employ up to 250 people and have a turnover up to £44M. You don't say in which country you want to buy a business. Or even the type of business. Each option leads to a different outcome.

Furthermore, the rules and regulations change depending on the business type: sole trader, limited company, VAT registered or not, TUPE and many other factors.

Decide on what type of business you want to buy. Then pay a business broker to help source and guide you. Expect to have to pay a lot of cash for all the checks, negotiations and due diligence.

Google is your friend in all of this.

 

[damras]

Google is still the best place to begin. Saying you want to buy a small business means different things to different people. It could be someone selling an tiny shopify store all the way up to a business with a 7 figure turnover. A SMB can employ up to 250 people and have a turnover up to £44M. You don't say in which country you want to buy a business. Or even the type of business. Each option leads to a different outcome.

Furthermore, the rules and regulations change depending on the business type: sole trader, limited company, VAT registered or not, TUPE and many other factors.

Decide on what type of business you want to buy. Then pay a business broker to help source and guide you. Expect to have to pay a lot of cash for all the checks, negotiations and due diligence.

Google is your friend in all of this.

You are absolutely right but this could have been much appreciated had it come first. However, I am looking within north east of England and I would prefer one around here. Also, a recommended business broker who can ascertain a roughly amount of money that could possibly go into all the checks, negotiation and overall DD after my target investment amount is revealed would be highly appreciated.

Thank you

 

[Clinton]

You're barking up the wrong tree, but if you're looking for a business broker, maybe post your request here - that's a forum where there are a few hundred business brokers discussing business broker type stuff.

 

[pentel]

ascertain a roughly amount of money that could possibly go into all the checks, negotiation and overall DD

A very rough idea from experience would be £10k - £50k

 

[damras]

A very rough idea from experience would be £10k - £50k

Thanks for your input. This is not really bad if a deal goes through, but the likelihood is the main challenge and I am certain many brokers or lawyers would only be concerned about their fee. Anyways, I will keep digging to gain some basic knowledge.

 

[Mattymoomoo]

I specially thank you all for your invaluable inputs. These are taken seriously and I must say, it is very difficult buying businesses in this part of the world compared to Africa where I come from. Business acquisition where I come from is a lot easier due to so many factors. However, I want to continue learning about the key factors and maybe get onto it when I feel confident about taking the first huge step.
while I am still welcoming more input, thank you all once more...

What elements of buying a business here are more difficult than Africa? I would have thought the other way around due to the transparency we have here.

 

[UKMOS]

Hello everyone,

I'm looking for a small business to buy and I want to ask if there is anyone with information about platforms that provide this type of service.

I will be hoping for various solutions to my question.

Thanks

Hi

Which area in UK are you?

 

[meteora]

Ever considered collaborating, i have a consultancy company registered in the uk, im looking for a business partner to scale up and maybe represent me "up". Someone who wont take advantage of me.

 

[damras]

Hi

Which area in UK are you?

North East of the England.

 

[Lisa Thomas]

I know an agent who works with IP's and keeps a database to e-mail interested parties when a business comes up for sale. Happy to pass you his details if you want to dm me.

 

[DoolallyTap]

Buying a business in the UK is simple, try business for sale website, there are plenty.
BusinessforSale.com
Daltonsbusiness.com
Rightbiz.co.uk