Buying a Business - Ep 4: Due Diligence
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It’s important that you do due diligence whatever the size of the deal
\\nFinancial, legal and commercial due diligence must be at the centre of any business deals if you want to make sure you don’t get caught out and Shaz covers the key aspects of good due diligence and a timely reminder that due diligence is about buyer beware.
\\nThis is a great opportunity to hear about the best ways to get due diligence covered well when you are buying any business.
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KEY TAKEAWAYS
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- Financial due diligence should always be completed – you should go back at least 3 years and also look at the prospective numbers going forward. \\n
- Your accountant will work with you on the financial due diligence looking at the numbers, tax and accountability in detail. \\n
- Legal due diligence – work with a solicitor who specialises in this area or has extensive experience in buying and selling businesses. \\n
- Commercial due diligence - know what is going on in your industry, what your competitors are doing. \\n
- Spend time looking and researching exactly what’s going on in the marketplace \\n
- If the seller can’t answer all the questions then you are not buying what you thought you were buying and there is the possibility of negotiating a lower price \\n
- Make sure you never buy a business without doing your due diligence or you will get caught out \\n
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BEST MOMENTS
\\n‘My solicitor sent me a checklist with 138 different points they look at closely’
\\n‘Don’t skimp on fees for due diligence’
\\n‘The bigger the deal the further into the future you will go with the numbers’
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VALUABLE RESOURCES
\\nshaz@aaa-accountants.co.uk
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ABOUT THE HOST
\\nShaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
\\nShaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
\\nHe is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
\\nYou can find Shaz on:
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This show was brought to you by Progressive Media
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