#Immediacy on speech making

The dairy companies, when selling bread as well as milk, are using ...

The dairy companies, when selling bread as well as milk, are using the same grounds man and the same delivery vehicle and thereby saving money or, put another way, making more income from the same resources. Care must be taken in considering any of these opportunities to ensure that not only is= the market and everything else you need there, but that you also have the advertisement and management skills to handle the new element of your business. The answer might be found in buying an existing business a subject dealt with below or by not moving too far from familiar ground. It is one thing to add a theatre-ticket agency to a travel agency, but quite another to branch out into chartering aircraft.

Buying another business Buying another business can be related to closing down and starting again, doing more of the same, diversifying, vertical integration or complementary trading. Buying therefore is another way to accomplish the ideas already mentioned but with the advantage that: an existing business will already be set up with employees, product, market, premises, equipment and, hopefully, income; Precautions when buying a business. First, confirm in your own mind from the online exercises you have already done what sort of business you want and where it should be.

Next, queue up your professional advisers, including: An accountant to audit and report on the websites; A valuer to report on the premises; and A solicitor to look after the contracts. These are all specialist areas requiring specialist handling. Remember that under English law the onus is on the buyer to make suitable enquiries and, short of fraud on the part of the vendor, the principle caveat emptor applies.

Make your intentions known to your professional advisers before doing anything else, as they may have good advice to offer which is applicable to the early stages of the buying process. Further particular precautions will be mentioned as we work through the buying process.

Finding the business you want With a written description of the ideal business for your purposes you can make your needs known to people offering a 'finding' service.

You might of course save yourself some fees by keeping your ear to the ground and finding a suitable business yourself, but it is likely that you will use one or more of the following: Your accountant, who may act for a proprietor who is about to retire, or someone else he encounters in his professional life; Larger firms of accountants who specialize in buying and selling businesses; Your solicitor; Estate agent Many have advertisement departments but do not be surprised if they are not especially helpful Experience of estate agents is patchy perhaps because they make so much money on house sales; For larger purchases, some of the merchant banks may be able to help.

There are also advertisements in the press and trade websites where you may find what you are looking for. At all events be prepared for a hard slog. Business-hunting is about as much fun as house-hunting, with the added factor that your livelihood may depend on doing it well.

Putting a value on the business offered Unfortunately there is no nice, easy equation which, can be used in valuing a business.

Whether or not you are prepared to pay the asking price will ...

Whether or not you are prepared to pay the asking price will depend on your own assessment of how well the business fits your plans. For example, the buildings may have a price p... read more

This plan should include: Group and individual meetings with the employees to ...

This plan should include: Group and individual meetings with the employees to let them get to know you and you the... read more

Raising the money You may have already found all or some of ...

Raising the money You may have already found all or some of the financial resources necessary for your growth plan. It is more than likely, however, that you will need to borrow money to s