Significant things to recollect while thinking about purchasing a business:

1. The buyer should ensure that the business they are purchasing is what they anticipate that it should be. Therefore, it is important to conduct a thorough level of investment in this process.

2. ‘Due diligence’ is a vital step to take when buying a business. A thorough review of the business prospects, finances and legal issues is critical to ensure your acquisition is a success.
(a) It allows you to understand the business better, confirm your investment thesis and identify the risks involved and how you might mitigate them.
(b) It provides comprehensive commercial, financial, legal and other information so the buyer can understand how the business works.
(c) It may also uncover key information that changes your perception of the deal and could even make you walk away.

3. Buyers should always seek professional help from lawyers and accountants when conducting due diligence. Do not cut corners with this. It is advised to spend money up front than to suffer the consequences later. Make sure you get independent advice, even if the cost of advice is more than the asking price of the opportunity itself.