Step-by-Step Guide to Buying a Business

Buying a business is an exciting opportunity, but it's important to approach the process with clarity and preparation. Here's a simplified guide to help you through each stage.

1. Decide What You’re Looking For

Before you start browsing, define your goals:

• Type of business - What industry or sector interests you?
• Location - Where in the UK do you want to be based?
• Tenure - Do you prefer leasehold (renting premises) or freehold (owning the property)?
• Budget - What is your maximum purchase price?
• Accommodation - Do you need living quarters included with the business?

Once you've decided, it's time to register. Registration is free, and you’ll receive login details by post. With access, you can view full business listings online - including photos, addresses, maps, and even book appointments directly.

2. Understand the Capital Required

When buying a business, you’ll need funds for

• The purchase price.
• Stock at valuation
• Solicitors' fees
• Rent (paid quarterly in advance if leasehold)
• Rent deposit (may be required depending on references)
• Finance arrangement fees (if applicable)
• Wholesalers' deposits

3. Arranging Finance

There are several ways to secure funding:

• Bank finance - Speak to your bank's small business advisor.
• Broker support - A broker can help find competitive deals.
• Property options - Re-mortgaging or selling your house may be possible.

Nationwide Businesses can recommend reliable financiers eager to lend.

4. Borrowing Limits

• Up to 55% of the purchase price for leasehold businesses
• Up to 75% of the purchase price for freehold businesses
  

5. Leasehold vs Freehold

• Freehold - You purchase the business, goodwill, fixtures, fittings, and the building itself.
• Leasehold - You purchase the business and the lease, but rent the premises from the landlord.

6. Viewing the Location

Yes, you can view the location before meeting the vendor. Addresses are provided in confidence. If you wish to meet the owner, an appointment must be arranged.

When visiting, be discreet — most vendors haven't informed staff or customers about the sale. If you're delayed or unable to attend, contact the vendor or Nationwide Businesses to reschedule.

7. After Viewing a Business

Once you've seen a business:

• Share feedback with Nationwide Businesses (even negative feedback helps refine your search).
• If interested, request accounts, VAT returns, and takings figures.
• Make an offer through the agency.
• Mark all written correspondence as "Subject to Contract.".
• Remember: all offers and negotiations go through Nationwide Businesses.

8. When Your Offer Is Accepted

Next steps include:

• Appoint solicitors - They'll handle legal transfer, local searches, contracts, licence transfers, and liaise with the landlord.
• Arrange finance - Shop around for the best deal. Banks and brokers can assist, and Nationwide Businesses can recommend financiers.

Note: All loans are subject to valuation, survey, references, and interview.

9. Exchange of Contracts

At this stage:

• Contracts are exchanged, a deposit is paid, and a completion date is set.
• Vendors usually allow you to meet customers and suppliers.
• Arrange insurance (life cover, building, contents, and stock).
• Organize an independent stock-taker for valuation (costs are typically shared).

10. Completion

Congratulations, you're now the owner of the business!

Nationwide Businesses can connect you with trusted financiers, solicitors, insurance brokers, and stock-takers to ensure everything runs smoothly.

Nationwide Solicitors

Nationwide Finance

Nationwide Stock-Takers

'No Sale, No Fee'