Question 1

Why Choose Chelsea Corporate To Buy A Business?

Accepted Answer

Chelsea Corporate is one of the UK's leading providers of business brokerage services. Our specialist team works on both the buyer and seller sides of business brokerage, allowing us to deliver the best possible deal for all our clients.

As part of our service, we make sure that you are fully aware of what you're buying, including every debt, asset and employee within the established business. That means, once you've signed on the dotted line, there are no nasty surprises waiting for you.

Whatever kind of business you're looking to buy, whether it's a local, successful business, a national company or even an international business, our experienced team of business brokers are here to help. We have an excellent reputation and provide full support throughout the process, and will do everything in our power to streamline the purchase, helping you to take over your new business as soon as possible.

Question 2

How Do You Buy A Small Business in the UK?

Accepted Answer

If you're looking to buy a small business in the UK, the best thing to do is to go through a professional business broker. Here at Chelsea Corporate, we can guide you through the entire process, and even help you to identify potential issues or problems when purchasing a business. Thanks to our many years' experience, industry-standing and wide range of clients and businesses for sale, we can help you to find the perfect small business for purchase.

Question 3

How Long Does It Take To Buy A Business?

Accepted Answer

The amount of time it takes to purchase a business depends on a range of factors. These can include the size of the business, its location, and the negotiations between you and the seller.

As a general rule of thumb, it can take anywhere from a few weeks to several months to buy a business. However, our team at Chelsea Corporate has a wealth of experience in business acquisitions, meaning we can often streamline the process and help you to acquire the perfect business for you as quickly as possible.

Question 4

Who To Talk To About Buying A Business?

Accepted Answer

If you want to buy a business - either one that we have listed, or one that is currently off-market, you need to talk to a professional business broker. Here at Chelsea Corporate, we have many years' experience when it comes to selling and buying businesses of all kinds.

For more information on how to purchase a business, or even find a business that might not currently be listed for sale, talk to our experienced team today. We offer a no-obligation consultation to help get the ball rolling, and start you on your way to purchasing your new a business. Whether you're buying or selling businesses in the UK, our specialist team are here to help.

Question 5

What Documents Do You Need To Buy A Business?

Accepted Answer

The documents you'll need can vary depending on the industry, size and location of the business that you intend to purchase. Generally, you'll need a copy of the following documents before you should purchase any kind of business:

A business plan
Financial statements for the past three years
Tax returns for the past three years
A list of current and previous customers
A list of suppliers
Documentation relating to any outstanding loans or debts
The business' Articles of Incorporation (if it's a corporation)
The business' bylaws (if it's a corporation)
A list of current employees and their job descriptions
Copies of any leases or contracts the business is currently bound by
Any patents, copyrights or trademarks held by the business

For more information on the specific documents you might need in order to purchase a business in the UK, don't hesitate to get in touch with our experienced team today.

Question 6

How Much Does A Business Usually Sell For?

Accepted Answer

There's no simple answer to how much a business usually sells for. There are dozens of different factors which go into valuing a business for sale. These include:

Annual Turnover
The Setting or Location of The Business
The Business' Assets (Including IPs, Commercial Property, Equipment, Vehicles, etc)
The Training or Knowledge Required to Run The Business
A Business' Employees (And Their Skillsets)
The Company's Branding, Reputation and Goodwill

If you're looking to sell a business, it's worth nothin that the value of your business will depend on all these factors, and you might need to enter negotations if you're looking to sell a business in the UK. Here at Chelsea Corporate, we're buy-side brokers, but that doesn't mean we won't help you to get the best deal for your business. Our experienced team offer business sales for a wide range of niches, including everything from distribution companies to nurseries with a great ofsted rating, and one-stop shop style businesses - either physical retail or eCommerce. Our hard work means you'll get the best possible deal, whether you're selling or buying a business.

Question 7

What Do Buyers Look For When Buying A Business?

Accepted Answer

There are dozens of things a buyer should look for when they're looking to purchase a business. These include:

Fantastic Potential - When buying a business, there typically needs to be a good reason for it. However, that potential can take a range of forms. For example, if you're looking to expand an existing business in your local area, it's typically better to buy a fairly local business. Each business buyer will see different levels of potential in a business, depending on their own experience, assets and abilities. If the business offers a rare opportunity to take over a successful business in a competitive niche, with highly recommended products and services, then it is likely to sell for a premium.
Annual Turnover - A business with a low annual turnover is often much easier to manage than one with a high annual turnover. If you're looking for a business that will provide you with a good return on investment, it's important to look for one with high potential future earnings. Fortunately, our team can help you to identify these businesses.
Employees - One of the most important things to consider when buying a business is the staff. After all, they will be responsible for keeping the business running on a day-to-day basis. If you're looking for a business with a good team in place, that's something our team can help you with.
The Premises - The location of the business is also important, especially if you're looking to buy a brick-and-mortar business. If you're looking for a business that can be easily relocated, that's something our team can help you with. Many of the businesses we partner with have an accessible trading position in a densely populated area, giving them huge scope for long-term growth and investment.
The Asking Price - Finally, it's important to consider the asking price of the business. In many cases, the asking price will be negotiable, so it's important to talk to our team about this. These are just a few of the things you should look for when you're buying a business. Of course, our team can help you with all of these things, and we'll be more than happy to answer any questions you have.

Question 8

Where Can Chelsea Corporate Help Me Buy A Business?

Accepted Answer

Although we're based in London, Chelsea Corporate work with businesses and individuals across the world to find and broker the best business deals. Whether you're looking to buy a UK business, based in Scotland, Greater Manchester, London or anywhere else in the UK, or an international business in a highly desirable setting (inside the EU or out), our experienced team can help.

We have extensive experience when it comes to brokering and advising on international business sales, so whether you're looking to sell or buy a new enterprise, our dedicated, professional team are here for you.

Question 9

Should You Buy a Business as a Beginner?

Accepted Answer

One of the most common questions asked is whether buying a business is a good idea as a complete beginner. Perhaps you’ve never owned a business before and would like to move away from a regular job and do something more exciting.

Unfortunately, the sensible answer is that this is normally a bad idea, and for several reasons:

Your competitors will be at home in the industry and know far more about it than you. While you’re still learning the ropes, they will be implementing strategies you haven’t even heard about.
You may fall foul of regulatory issues unless you hire outside help like a broker or a lawyer. This represents a significant hurdle to entry to the market.
Buying a profitable business is expensive. You will have to work through initial costs and/or debt from the acquisition until the business can make you significant money (an issue you may not face should you start your own business).

As brokers, we would advice you to think very carefully before buying a business as a complete beginner.

Question 10

Do You Need a Licence to Buy a Business?

Accepted Answer

You don’t need a licence to buy a business from somebody. But you may need a licence to run it.

Take a pub as a simple example. You need a licence to be able to serve alcoholic drinks. According to Gov.UK, premises licensed to sell alcohol must have a designated premises supervisor, and that supervisor has to have a personal license. Other businesses that require licences include childcare, pet breeding, gambling services, taxi driving, running a business that serves food and lots, lots more. If you don’t have one of these licences/can’t employ somebody who does, then you shouldn’t buy a business in that industry.

Question 11

Do I Need to Pay Stamp Duty When Buying A Business In The UK?

Accepted Answer

Yes, when buying a business, it is extremely likely that you'll be required to pay some form of stamp duty. The amount, and even the kind of tax you may be required to pay, depends on the size, profitability and industry the business operates in.

If you're not certain whether you could be required to pay stamp duty on your UK business, get in touch with our experienced team of business brokers today. Alternatively, you can consult the official gov.uk website for the latest information on the kinds of stamp duty and tax you may be required to pay.

Question 12

How Can I Buy a Business with No Money?

Accepted Answer

It is possible to buy a business with no money. It’s common for mergers and acquisitions to be made on the basis of finance. There are several forms of finance you can use: bank loans, crowdfunding campaigns, seller finance and more. Like all forms of finance, finance for buying a business depends on your credit, and you may be turned away by lenders based on your credit history.

Whether finance is the right option for you depends on your circumstances. As a specialist off-market broker, our job is to find, vet and approach businesses for potential buyers, not to advise on finance decisions. This is a decision to be made with the utmost care, preferably with the assistance of a financial advisor of some kind.

Question 13

Can You Buy a Business with Bad Credit?

Accepted Answer

It is possible to buy a business if you have bad credit, in one of two ways.

One way is to buy a business outright. If you have enough money in the bank to meet the seller’s asking price, then bad credit (and good credit, for that matter) is immaterial. This, of course, is not an option for everyone.

It may also be possible to find finance through a more accepting lender. Be careful, though, as lenders for people with bad credit will likely charge a high interest rate.

Question 14

Can You Buy a Business When You’re in Debt?

Accepted Answer

Again, it is possible to buy a business outright if you have the money in the bank to do so. When paying outright your credit rating and/or debt have no bearing on the deal.

What will be more difficult is to find finance for your acquisition. Not only will it be more difficult, but it’s likely not a good decision either (although this depends on your unique circumstances).

One more thing to note is that, if you're in debt, anyone selling business assets and businesses may be less willing to sell to you, particularly if they've built up a loyal customer base and an excellent reputation in their industry.

Anyone selling an established business, with consistent net profit and an enviable reputation, will likely want to know that their business is in safe hands with a new owner or appointed representative.

Talk to a financial advisor to ascertain the best course of action.

Question 15

Can Chelsea Corporate's Team Help Me Acquire A City Centre Business?

Accepted Answer

Yes, we can! Our experienced team of business brokers can work with you to acquire a city centre business anywhere in the UK.

Whether you're looking for a business with an excellent reputation, a certain amount of annual turnover or even a retirement sale, don't hesitate to get in touch today.

What's more, our experienced team can also help you to acquire your new business across the UK! No matter where in the UK you're looking to purchase a business, don't hesitate to get in touch today. Our Areas We Cover page has a list of some of the areas that we serve, but we are able to acquire opportunities outside of these areas too.

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