BLOG

Talking to the Tax Man about Poetry – Why you should buy a business

There is an old saying that if you listened to your accountant you would never buy a business but also never sell one. I think we can safely say that there aren’t many of those old school accountants left, these days the ones I know are a different breed altogether. They have to be, just running their own business is much more difficult now. Like you they face staff shortages, constant change and pressure on margins.

There are three main reasons people buy an established business, mostly for the clients and the staff and sometimes for the processes.

Your biggest problem these days is probably getting good staff, and that is a good reason to consider another business right now. Especially if they don’t have your client demand. Businesses that struggle with sales usually can’t pay their people well and it creates a bit of a vicious circle. If you time it right you can get some good people, pay them for good performance and be on your way.

Conversely, if you are cool, up-and-coming, with a great product but having trouble getting in front of potential clients, you can look to find an older business with a great client list that can be revitalised.

There are lots of risks involved in either strategy but there are always risks involved in doing nothing and hoping things will change.

Poets need to be ambitious in love.

 

 

Photo by Trust “Tru” Katsande on Unsplash

 

Recent Posts