Find Your Next Business Opportunity

This short video will answer some key questions you might have about buying a business. Be sure to pause the video when the graphic shows on screen and go to the part of the video that's right for you.

What will be discussed during initial consultation with Transition 360 partners?

We'll talk about your aspirations for becoming a business owner, that's the first thing. What industries are you interested in? Do you have prior experience in a specific sector and are you open to exploring new possibilities? These are just some of the questions we'll ask to determine the ideal business fit for you.

You have a few options. Number one, if you want to keep my services going on to another purchase, you can. Number two, you may want to do the buy and build strategy with me to do this. Or, number three, you might want to keep me involved in the single business doing a little sales and marketing, totally your decision.

We spoke about a business recently, are you able to send over the details to me Gavin?

Yes, no problem, I can send you the details but I need you to sign my agreement first. This will outline the scope of my business terms.

What's the process of buying a business?

Firstly, we find the target company through data analytics and have access to 5.3 million businesses in our database. This is called a data search. We will take what sector you want to target and write to that sector using direct mail. Yes, it's an old-fashioned method but it works. It's a proven process which yields results.

Once we get a response from the letters, we then move on to the next part of both parties, signing an NDA, that's a non-disclosure agreement. This is so we look professional and we have complete confidentiality in what we're about to discuss.

Next, once the NDA is signed, then we can have a discovery call. At this point, we attain as much information from the seller as possible, such as how the business operates on a day-to-day basis. Is there a management structure in place or does the owner work in the business day-to-day? Are there any pressing creditors, such as HMRC debts, loans, any outstanding finance? These are all things we need to know.

And then, the most important thing, once we've built up a rapport with the seller, we ask them what they need for the business, not what they want as a value for the business. Once we have that figure, we will then ask for the accounts and evaluate them and see if the price he needs matches our expectation.

If it does, we proceed to a face-to-face meeting discussing detail, the deal structure and valuation once more. Once both parties are in agreement, we then move on to the heads of terms, which is an agreement that outlines the deal structure and timescales. We will also include a 60-day exclusivity period so that any other potential buyers cannot discuss the business with the seller.

Then, once the heads of terms are signed, we go on to due diligence. Due diligence means getting under the bonnet of the business. By using our accountant and lawyer, we look at all the financial and legal aspects of the business to see whether what we have found out is correct and is viable for a purchase.

If we're happy and once we're happy with due diligence, we move on to the completion stage. This completion date will be set in the heads of terms. Sometimes this date moves forward or backwards depending on different factors, usually financial or legal.

This is just a short overview of the process and working with me, after we have finished working together on the first purchase, you will have the option to continue with my services in a consultancy capacity or toward our next business purchase. 95% of clients choose to keep me on board.

Hey Gavin, I know you write letters and compliment with emails, but do we meet regularly?

Yes, we have weekly Google meets or more if required. We also meet when required, usually to see a target company together on the face-to-face meeting. We will also meet socially as well and that's one of my favourite times.

Do I meet others on the same path?

Excellent question. Yes, you do. I work with a group of similar minded business owners or potential owners like yourself and we do group Google meets and social networking events.

What's your success rate?

Well, I help to sell or buy a business every quarter on average. It will be down to you to commit with me on this journey and I will be holding you fully accountable along with myself.

What do you need me to do regularly Gavin?

The most important thing is be committed to the process. I have clients who have a full-time job in the corporate world but make time to follow up on any task I set for them, especially when we get a company that is interested in selling to you.

Do you recommend bigger businesses?

It's always better if they have a management tier in place. We're not looking to buy you a job. Remember that although some people are happy to work full-time in the business, it's not the ideal situation.