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BusinessesForSale.com in the news

LawZone - 4 December 2002

A recent survey has revealed that buyers of small businesses don't take professional advice.

A total of 187 people who attended four 'How To Buy a Business' seminars were questioned on their intentions and arrangements for buying a business.

The results of the survey showed:

85% of people looking to buy a business did not have an accountant
82% of people looking to buy a business had no legal representation
75% of people looking to buy a business had not arranged finance
80% of people looking to buy a business did not have a business plan
45% of people looking to buy a business intended to spend £100,000 - £500,000 on the business

"These results demonstrate the startling lack of communication between individuals looking to purchase a business, and the services they need to complete the transaction" says Leigh Nissim, Chief Executive Officer of BusinessesForSale.com , who hosted the seminars.

It would appear that for the person intent on buying a business, the desire is to 'buy now', rather than reduce risks by taking proper advice. While insolvencies fell in the third quarter of 2002, business failures for 'start up' businesses are general reckoned to average over 50% in the first three years of trading.

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