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BusinessZone Newsletter - 5 December, 2002

Editor's Note

Two surveys covered in the BusinessZONE wire this week paint a disturbing picture of UK business. Feedback from attendees at recent 'How to buy a business' seminars revealed that 85% of respondents didn't have an accountant, 80% didn't have a business plan and yet, despite the above, nearly half of the respondents were looking to invest up to 500,000 pounds on a business purchase. This surely begs the question of where investors are getting their advice from.

Elsewhere research by our sister site AccountingWEB.co.uk has revealed than 1 in 10 businesses only carry out management reporting on a quarterly basis. The fact that 90% of businesses gauge the progress of their business by the analysis of KPI (Key Performance Indicator) data more often than three times a year isn't really cause to celebrate. Surveys can often be dismissed as having no real value but they are effective at highlighting issues and trends. The fact that potential business buyers are failing to take adequate advice prior to purchasing and that a section of businesses only take stock and analyse their progress quarterly sends out alarming signals to the entire business community.

Regards

Richard Norton

Small Business Buyers Are Unadvised: Survey

A recent survey has revealed that buyers of small businesses don't take professional advice.

A total of 187 people who attended four 'How To Buy a Business' seminars were questioned on their intentions and arrangements for buying a business.

The results of the survey showed:

85% of people looking to buy a business did not have an accountant
82% of people looking to buy a business had no legal representation
75% of people looking to buy a business had not arranged finance
80% of people looking to buy a business did not have a business plan
45% of people looking to buy a business intended to spend £100,000 - £500,000 on the business

"These results demonstrate the startling lack of communication between individuals looking to purchase a business, and the services they need to complete the transaction" says Leigh Nissim, Chief Executive Officer of BusinessesForSale.com , who hosted the seminars.

It would appear that for the person intent on buying a business, the desire is to 'buy now', rather than reduce risks by taking proper advice. While insolvencies fell in the third quarter of 2002, business failures for 'start up' businesses are general reckoned to average over 50% in the first three years of trading.

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