Buying a business

[PEM]

Sorry to dampen your ideas but what makes you think buying a company will give you an income from day one? It won't any company is only as good as it's directors etc and if they move on they will take the good will with them unless you get a legally enforceable restraint of trade Clause!
Also as for tenders most big companies dealing with contractors formal tenders etc will be very wary of existing company with new directors and would probably exclude you from tender unless you've bought into a company with some existing directors on board.
Only way mate is the hard way start and build it up from scratch it's tough.

 

[dan86]

Has anyone here bought into a business rather than start one from scratch.

I have always had an interest in owning my own company but not sure what route to go down: either start from scratch and spend the next 3-4 years struggling to make ends meet but have the satisfaction of doing everything my way and then take all the credit when it goes well (and take the hit if it all goes wrong) or buy a company and take a regular income straight away but then have a business loan hanging over my head until its all paid off.

If anyone has any experience in buying a company and making a success or loss then it be great to hear your thoughts and suggestions.

unfortunately can't comment on buying a business. I never have, and have zero intention of ever doing so.
that said, I currently solely own 2 profitable businesses, and have a share in another which is in the same sector as one I own by myself.
I'm not about to get into financial details (none of anyones business apart from anything else!) but I do ok for myself.
I am only 28, own 2 houses outright, and have a small mortgage on another.
run 2 successful businesses, and have just about everything I need/want.
I have no idea what age you are, what your skills are, how hard you're prepared to work or really anything about you, but what I will say is if you go down the road of setting up a business yourself from scratch, be very prepared to work your nuts off every day and every night, make sure you have a good amount of money stashed to tide you over, (don't expect to make any real money for at least 2 years) and don't focus on, but keep in the back of your mind that it could all go ---- up and you could lose everything. If you can be beyond reasonable doubt that you can do all that, then go ahead and take the plunge. nothing more rewarding than owning your own business.

I started my first business when I was very young, and didn't really have much time or money to do a lot of things a normal person my age could because I was too busy working all the time. It was utter crap at the time, but now I wouldn't change it for the world.

hope you find some or all of this helpful, and best of luck with whatever you decide to do. keep us informed and don't be afraid to ask for help.

 

[ferg]

The main thing to remember is for most small businesses the owner/M.D IS the business and without them there really is no business.