Taking over a retail business : an alternative to starting your own business
Starting a business doesn't necessarily mean starting from scratch. Taking over an existing company or acquiring business assets is an often underestimated option that offers numerous advantages. Fewer formalities, a more measured financial risk, and a quicker start-up are all arguments worth considering. However, before diving in, you must fully understand the stakes and surround yourself with the right experts.
Why consider buying an existing business?
✅ Less red tape
Setting up a business, particularly a café or restaurant, involves much bureaucracy. By acquiring an existing enterprise, you can sidestep some of these formalities and benefit from an already-established structure.
💰 Reduced financial risks
Whilst an acquisition requires an initial outlay, it's generally less financially risky. The business's track record allows you to scrutinise its profitability before committing. If you need to secure funding, you'll also have concrete figures to present to potential lenders.
🚀 Faster startup
Unlike starting from scratch, acquiring a business means you can be up and running as soon as you take the reins. There's no need to hunt for premises, build brand awareness, recruit staff, woo customers, or establish supplier relationships—it's all already in place.
These advantages make acquisition an option worth exploring. However, like any business decision, it's not without its risks. Proper due diligence and research are essential before taking the plunge.
Key considerations before buying a business
🔎 Finding your perfect match
Running a business requires time, energy, and financial commitment. Choose an enterprise that aligns with your skills, passion, and long-term vision.
Not sure where to start? Here are some platforms listing businesses available for acquisition in the Brussels region:
Word of mouth can also be a powerful tool in finding opportunities. Our event calendar includes networking opportunities where you can meet potential sellers.
📜 Getting to grips with legal and tax implications
There are two main ways to acquire a business:
1️⃣ Share transfer: you buy the company's shares, taking on all its assets and liabilities.
2️⃣ Business asset transfer: you purchase only the tangible (e.g., stock) and intangible assets (e.g.,customer base).
Each option has different legal and tax ramifications. Make sure you're well-informed. Have a gander at our:
- Checklist for acquiring a business
- Guide on commercial leases
- Article on taxation in business transfers
🧑💼 Seek the wisdom of experts
Acquiring a business can be a minefield and requires specialist knowledge. We strongly recommend enlisting the help of professionals.
Several organisations in the Brussels-Capital Region offer free or low-cost support. Our partner Reload Yourself organises monthly speed coaching sessions (in french/dutch) to help you navigate the transition. Check our events calendar for upcoming sessions.
If you prefer to hire a private consultant, remember that the Brussels-Capital Region reimburses part of the fees under certain conditions.
In a nutshell
Buying a business comes with undeniable perks, such as a quicker launch and reduced financial risk. However, thorough preparation is key. Make sure you gather all necessary information and seek guidance from an expert. Got questions? We're here to help!
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