Buying an existing business requires careful consideration. It is important to conduct a thorough due diligence review before deciding to buy. The review should find out as much information about the business as possible, which you can then discuss with your adviser. You should also consider how embarking on a business venture would fit with your personal circumstances, expectations and skills set.
This checklist highlights common areas that must be considered when buying a business. It should be noted that a business can be purchased either by buying the business’s assets or, alternatively, by buying the shares in a company (or units in a trust, etc).