Buying a business: a step-by-step checklist
Buying an established business can be faster and less risky than starting one — if you work through the right questions in the right order. This checklist covers the journey from first enquiry to handover.
Touchbase guide · Updated 3 November 2026
1. Define what you are looking for
Before you enquire about anything, write down your budget including working capital for the first few months, the industries you understand or want to learn, and the location and hours that suit your life. A clear brief stops you falling for a business that is well presented but wrong for you.
2. Make your first enquiry count
When you contact a seller, ask for the headline facts: why they are selling, how long the business has traded, the current lease terms, staff numbers, and whether the major equipment and stock are included in the price. The answers shape whether it is worth arranging a viewing.
3. Visit and verify
Visit in person, ideally more than once and at different times of day, so you see the real trading pattern rather than the best version of it. Check the condition of equipment, how busy the location is, and how the staff and customers interact. Verify ownership documents, the business registration, the lease and any licences or permits the operation requires.
4. Do the numbers
Review turnover and profit records, understand the owner’s role in daily operations, and ask which customers or contracts are personally tied to the seller. Estimate your working capital needs — stock top-ups, wages and rent before the business’s own income covers them. This is the stage to involve an accountant or adviser.
5. Negotiate and agree the deal
Agree in writing what is included: equipment, stock at a stated count and value, fixtures, vehicles, customer records and whether training or a handover period is provided. Set out the payment structure and the date of transfer. Keep negotiations respectful — most sellers care about who takes over their livelihood, not only the price.
6. Handover and the first months
Plan for a handover period where the seller introduces you to key customers, suppliers and staff. Change what needs changing slowly; long-standing customers value continuity. Notify customers, suppliers and utilities of the change in ownership, and update licences and registrations early.
A note on independence
Touchbase connects buyers and sellers but is not a party to any sale. Listings come from advertisers and are not verified by Touchbase, so every step above — verification, financial review and contracts — is yours to complete, ideally with professional help.
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Browse businesses for saleKeep reading: Business valuation basics · Selling with a broker