Buying a business is a tricky process at home and abroad. Here are some pointers to bear in mind when relocating. 1. Always make sure you fully understand the contract you sign.
2. Always seek advice from independent solicitors, architects and surveyors. Not only this, but make sure they are competent in the laws of the country you are considering moving to.
3. Make sure there is no outstanding debt with the business you are taking over. A solicitor should be able to confirm this for you.
4. Have a good think about any business you view, especially if it is perceived as a ‘must-have’. A cooling off period is always a good idea.
5. It is a good idea to make sure that any financial contract you enter into includes an 'opt out' clause, should any loan not be agreed (this will increase your chances of recovering a deposit).
6. Try and arrange any mortgage or loan in the currency in which you earn.
7. Consider a partner – it could give you the extra finance and support you need to go for something you really want.
8. Research the area you are buying in thoroughly. You need to ensure that you are well aware of any legal/governmental costs you may incur when purchasing property/business in your chosen country.
9. Open a local bank account – however, remember to get a certificate of importation for any funds you bring with you from your home country.
10. Ensure that all your bills are paid on time. Failure to pay up on time could lead to court action and possible seizure of property in many European countries.
11. Always, always bear in mind that an asking price is never what you end up paying for a business. There are always lawyers' fees, taxes, insurance etc, that need to be taken into your budget considerations.
