Buy and sell Businesses - First City Business Brokers

We are here to help you sell, buy, or value a business in the North West of England

POST COMPLETION TASKS 

You’ve done it; you are now the proud owner of your own business, we recommend that you take a couple of hours to celebrate and congratulate yourself.   However, unless you are lucky and wealthy enough to have purchased a sizeable, profitable, fully managed business, a business that will effectively run itself, then a single night out is probably all you can afford to spare, for although you have achieved a significant milestone, the journey has only just begun……………

Capitalizing On Your New Business

Once you have a clear ‘hands on’ understanding of your enterprise, there are numerous activities to consider in the first 5 years of ownership which will help you improve the return on your investment, including:-

• Refinancing or renegotiating your business acquisition loan terms.  Particularly advantageous for first time buyers with 18 or more successful months trading under their belts as banks start to recognise your experience and may be amenable to more favourable terms.
• Production of a business plan – to provide a blueprint for improving your business which may involve a number of the other tasks included here.
• Corporate image design (e.g. production of new company branding and logos) to modernise the business image to help attract new clients.
• Mystery shopping – to help you get a detailed picture of how your staff and systems are performing and to provide you with a comparable of how you compare with your main competition.  This will provide invaluable information on how you can improve your business.
• Marketing and promotional activity – to help grow a business you have acquired by attracting new clients – this can involve advertising, hiring a PR consultant or company.
• Business health check – an onsite review of your new business by an independent management consultant to provide you with practical advice on how to improve sales and profitability.
• Cost reduction analysis – reduce your overheads by sourcing better deals on insurance and other overheads.  This is something you can do yourself or if time is an issue, there are specialist companies that will do this for you in return for a percentage of the savings achieved.  A service likely to be more significant to manufacturing/engineering businesses or larger service based companies.
• Accreditation/quality control – e.g. ISO 9001 to improve internal systems and people and ultimately your bottom line.
• Premises refit (retail businesses).
• Online Marketing and Website design.
  

For advice or assistance with any of these services, please contact First City Business Brokers.

We hope that this ‘high level’ guide has been of practical assistance to you in your quest to acquire your own business.   A more detailed guide full of exclusive hints, tips and strategies to further improve your chances of finding and successfully acquiring the right business for you will be available shortly via our on-line shop.  To register your interest please send us an email or call us with your contact details.  

 

This material represents the views and opinions of the authors and the contents of these pages are provided as an information guide only. It is strongly recommended that readers commission the relevant professional advice as indicated in the text. No legal liability or other responsibility is accepted by or on behalf of First City Business Brokers for any errors, omissions, or statements on these pages, or any website or other resource to which these pages refer. First City Business Brokers accept no responsibility for any loss, damage or inconvenience caused as a result of reliance on such information.