12 Dec

Sometimes thinking outside the box when buying a business can be good

We had a client approach us that wanted to buy a transport business and relocate from one side of the country to the other, both pretty big scary steps in their own rights.   The client had been contemplating this move for some time and was just trying to find the right business to buy, to be able to make the big leap.

Getting money to buy a business is not something we usually do, but after initial conversations we found out the business they were buying was a transport company and there were assets (trucks, trailers and vans) that we could help them finance and secure some of the money for the business purchase.

The vendor sent us a list of the assets that were being sold with the business and we set about doing our own investigations to see what they were worth, some of them were worthless and others had a reasonable value to them and were young enough for us to finance.   The client wanted to tip some cash into the deal so with the value of the trucks and the cash the client could put in, we soon covered the cost of the business.

We worked with our client and the vendor to make sure everything was ready for the “sale” date of the business.  When buying an asset privately there are extra checks that have to be done (link back to blog on website) so we arranged all these and ordered the payout letters so that all current finance was paid out.  Our customer was then guaranteed clear title to the equipment.

Our client is now the new owner of a transport company and is in the process of relocating his life.

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