Starting a business from scratch is not the only way to become your own boss. You also have the option of buying an existing business in Cyprus. This easy to navigate, Cyprus Guide to buying a business in Cyprus gives potential business buyers of Cyprus businesses a real advantage when buying a business.
This Cyprus Business Guide addresses all the issues what buyers need to do to be successful in buying a Cyprus business. It will deal with the process of buying a business in Cyprus and will give you an idea of what’s involved, from business valuation to carrying out due diligence, where to look Cyprus businesses for sale, locating and instructing Cyprus business agents, what businesses are available for sale in Cyprus, getting funding when buying a business in Cyprus and much more.
With so many options available to you in Cyprus, the question will become which vein of the business ownership arena should you pursue? When reviewing all of the possibilities you have to decide what will work best for you and then research your first choice thoroughly before deciding to go ahead with the deal.. However, your chances of success are clearly best when you buy an existing business or franchise resale for many of reasons.
Regardless of a business’s past performance, an existing business or franchise will, at the very least, have a history from which you will be able to make certain decisions. Even if the business was not profitable in the past, your strengths may lend themselves perfectly to turning it into a viable venture. Furthermore, you have the ability to verify what the business did in the past that resulted in the current status of the operation.
Pros:
- Immediate operation -the business is ‘up and running’ already. Buying a business as it stands will save time and effort in equipping and stocking it.
- It is likely to have an existing client base.
- Quick cash flow
- The previous owners are likely to lend support and goodwill.
- There is a tried and tested business formula to emulate.
- The business can be resold by yourself.
- Generally more chance of success than starting a similar business from scratch.
- You may be able to buy a Cyprus business at a bargain price, if, for personal reasons, an owner is sufficiently eager to sell.
Cons:
- A large investment is often required. You may also pay too much for the business because of your inaccurate appraisal or the former owner’s misrepresentation.
- Business transfer costs i.e. solicitors, surveys, accountants etc..
- A large amount of time and travel required to research the opportunities available.
- May require relocating.
- There may be inherent problems in the business, some of which may not be apparent until after the sale.
- Fixtures, fittings and equipment may be outmoded or in bad condition. Check very carefully.
Caution should be exercised throughout the whole purchase process, not only because it will help you to find the business that is right for you, but it will also help you to avoid being taken advantage of by unscrupulous sellers. Your Cyprus solicitor and your accountant should be actively involved in your search (and they may know of good businesses for sale, too).
Click on the links to the left to open each page and to navigate through the Cyprus guide on buying a business in Cyprus.
Cyprusfranchising.com includes additional information and resources that will help you at any stage of the business lifecycle. You may also want to look at our related buying a Business in Cyprus information on :
