| Buying a Business Case Study
| Age: | 38 | | When: | Christmas 2005. | | Total spent: | £60-70,000 leasehold. | | CV: | "I was in the trade for eight years, but that was almost ten years ago now. My then husband’s father was a partner in a pub chain. I started out as a barmaid and worked my way up through the ranks and ended up as a manager." | | Key advice: | “If it is what you really want then don’t give up, however, you must really get to know and understand the business you are buying.” | Debbie D’Abreu has always wanted to run her own pub. Her drive and determination to become her own boss has spurred her on and kept her focused while she has overcome the obstacles to realise her dream. The London-born 38-year-old is now running a public house in Braintree, Essex. "I wanted to stay in Essex although I was looking all over to find the right pub," she explains. "It's been a long time coming, and, it was a lot harder than I first anticipated. "My life has been tough. I sat back and realised that if I am going to get anywhere I have to go out there and grab my chances. "I’ve watched programmes like 'Risking It All' and seen people on there putting thousands of pounds into businesses that fail. I admire them for still trying, and that inspired me to take that kind of a chance myself." Debbie started her search for a business using various business transfer agents on and offline, as well as looking at companies such as Punch and London and Edinburgh Inns – who rent pubs to entrepreneurial retailers. Be prepared Creating a business plan also ensured that she thought about all aspects of running a business – aspects she openly admits she wouldn’t have considered otherwise. "My brain just wasn't thinking about some of those things – the market place, the competition etc. You really need to think about all the other things that are involved." Buying the dream public house started to become a reality in 2004 when Debbie found the perfect business. However, it wasn’t, and hasn’t been an easy ride since then. "I put in an offer, which was accepted. I then got accountants in to look at the books. I think this is one of the most important things – after all, you have to ensure that you can keep the place running before you go any further. "I was more than happy with the first business but then someone offered to buy the freehold outright and I couldn't compete with that, so I lost out." Bad fortune struck again once Debbie found a second business. "I had a lot of trouble getting hold of the right accounts. At this stage I was getting my finance through the bank. They wouldn’t help me because they needed to see more of the accounts. "It took me ages to get them from the owners and still I hadn’t got what the bank really wanted to see. "In the end, there were three of us bidding for the business, and whoever got the money together first ended up with the property." Marlborough Leisure Deborah really struggled when it came to finding finance for her purchase. Her first choice was her bank, although as time went on, their terms and the money they were prepared to offer her became unsuitable. It was third time lucky for Debbie when she found the pub in Braintree half way through 2005. She turned to Marlborough Leisure – the UK's leading independent provider of funding to the licensed leisure sector. "Originally, I shied away from Marlborough because their interest rates were high. When I incorporated their fees into my plans I couldn’t afford the first business I wanted to buy. "Now, my Dad is standing as a guarantor on a seven year loan." Marlborough also provide tailor made funding schemes in order to assist people in the leisure business to do various things regarding their business, like build an extension, buy out a partner, pay off a brewery, create financial and operational strategies as well as many other things. "I would definitely recommend them," says Debbie. "I think they are brilliant. They have given me some great advice and have been very supportive. "You go through the various stages of the buying process with them and they stay with you during your first year of business." Marlborough Leisure, along with the local council, were Debbie’s main source of helpful advice during the buying process, although she adds: "Everyone has got their own bit of advice and it's all helpful in some way." So what has Debbie learned from the experience? "I've learnt a lot and I am still learning. You can't just say that buying a pub is what you want to do, hand over the money, and then it’s yours. "There are so many people you need to talk to. There is a lot of information you need to gather. I even took a one-day business course and that has helped me learn more about the business side of things." "I've needed to do what I've done to gain the experience that I have. They only thing I would do differently if I could is, win the lottery and I could then buy the freehold of the business." | 
