Take your time with business acquisitions
If you are going to take over a company, or your company is being taken over, that is a big step. You have to take your time and prepare everything well. To help you with that, we give you some concrete tips on the basis of things you should not do.
Tip 1: Get advice from a takeover advisor A company takeover is often handled too quickly. Afterwards, your asking price will show whether the price paid deviated strongly from what is logical and reasonable. That is a shame, because by spending extra time on the purchase or sale of your company you can prevent a lot of misery. First check whether making this step is financially feasible. It is advisable to consult an advisor for this. A good advisor will make you money, even though you have to pay him. B.A. Boss can put you in touch with all the professional advisors needed for a smooth business transfer in Spain. Tip 2: Be careful when taking over within the family It can be a good feeling to know that your company is being taken over by a family member, or to take over a company from a family member yourself. The new owner is already familiar with the company and its history. However, there are also cases where a takeover is poorly prepared within the family because it is assumed that the new owner will do exactly as the previous owner did. This results in tensions within the family when these expectations are not met. A takeover within the family not only has a business side, but also a personal one. This entails both advantages and disadvantages. You can read more about takeover within the family here. Tip 3: Don't negotiate yourself When you are going to buy or sell a company, it is advisable not to negotiate yourself. Negotiating is a profession in itself and it is therefore wisest to have this done by an expert. Tip 4: Take your time Preparing a company for sale takes a lot of time. A lot of things have to be arranged in the legal, financial, administrative and organizational areas. Make sure that everything is well organized, this will protect you from nasty surprises afterwards. You can read more information about the things you need to arrange to make a company ready for sale here. Taking over a company also needs to be well prepared. Read more about the steps you need to take to do this right here. Tip 5: Supply & Demand If you have prepared everything well, it is important to offer your company or to look for a company to take over.