What should you know and do before buying a business?
Posted on 09/07/2019
Buying a business that already exists has certain advantages over creating a new one. However, precisely because it is in operation you need to review very well some aspects, about all legal, so that everything goes well and avoid problems in the future.
According to Iván Daza Ortegón, an expert lawyer in the real estate sector, the first thing you should check is whether the business is registered with the Chamber of Commerce, that is, if the company is a registered trade establishment, where you can observe its purpose, capital and the type of society that it represents.
If not, you, as the new buyer, can register it, adapting the business to the needs that suit you.
Conditions of the business
Buying a business in operation can save time and money, because it is already furnished and accredited.
For this reason, the conditions of the purchase-sale contract must be clear and must be in written, from the price, payment or financing agreements, delivery times, goodwill management, among others.
The price, a key point
When it comes to agreeing on the price of a business, it is ideal to list the equipment, furniture, merchandise and all the elements that belong to it, thus defining a fair price on the inventory.
Keep in mind that, in general, you buy the business not the place where it works, because these are usually leased.
You may also be interested in: purchase and sale of businesses in Bogotá
Business in a rented property
If the business you are buying works in a leased premises, the first thing you must do is verify the validity of the lease and read it to know the contractual conditions.
In addition, is important to "know exactly that the landlord authorizes the assignment of the contract to the new buyer", in view of the fact that in many occasions, a business is bought and the owner of the property does not authorize, afirm the lawyer Daza.
If you follow the recommendations and get advice from a professional you will not have any problem with your investment. In case you have doubts about the legality of any document do not hesitate to consult with an expert, here you will find the best ones.
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