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  Canada Immigration Forum > About Canada > Business > Buying an Existing Business - Based on my recent experience
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Buying an Existing Business - Based on my recent experience




tamilkuravan
Senior Desi
Member since: Jun 05




Posts: 5756
Location: God's own country


Thanks Dimple for the explanation.
and they used to say that Canada was one of the easiest countries to start a business (and of course buy an existing business)
No wonder with all this kind paper work, many businesses are going under. The latest is "Sweek Mahal- AKA Novelty" selling buffet for $8.99 + HST.
I am thankful that I am a salaried employee.
PEace

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I am a Gents and not a Ladies.

 
Post ID: 174983 01-11-10 13:26:17
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web2000
Senior Desi
Member since: May 06




Posts: 849
Location:


The posts are well written and may be helpful for those who are thinking to start a business.

From my personal view these are more daunting and would rather discourage most of the people to start a new business.


 
Post ID: 174984 01-11-10 13:44:08
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AshwaniG
Senior Desi
Member since: Jul 04




Posts: 1484
Location: Convinient


This is indeed one of the best information that is ever posted on CD .
The information provided is quite exhaustive .
OP has dedicated his valuable time to provide each and every possible detail .
I am sure that many of us will not do certain mistakes that we were bound prior to the information provided .
Once again thanks for sparing your time and posting .
God Bless you .

AG

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Growing Old Is Mandatory ..Growing UP is Optional

 
Post ID: 174986 01-11-10 13:59:20
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


Quote:
Originally posted by tamilkuravan

Thanks Dimple for the explanation.
and they used to say that Canada was one of the easiest countries to start a business (and of course buy an existing business)
No wonder with all this kind paper work, many businesses are going under. The latest is "Sweek Mahal- AKA Novelty" selling buffet for $8.99 + HST.
I am thankful that I am a salaried employee.
PEace



You are welcome.

I don't think you can simply buy your way into anything without paperwork wherever it might be. Having said that, most of what I said is in the buyer's interest to do. If the buyer is lazy or has lots of money, he/she can simply go and blindly sign few papers and buy whatever and deal with the consequences later.

What I wrote has lots of parallels to buying a house such as searching extensively for a suitable fit, narrowing it down, asking preliminary questions, putting a conditional offer and reviewing the paperwork, signing the purchase agreement and closing the deal.

In the purchase of a business, due diligence is a normal, well followed practice throughout the world and it is an involved process for the sake of buyer's safety, even if the business is known to be spick-span clean.

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Dimple2001

 
Last edited by: dimple2001 on 01-11-10 14:11:39
Post ID: 174990 01-11-10 14:06:00
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


Quote:
Originally posted by web2000

The posts are well written and may be helpful for those who are thinking to start a business.

From my personal view these are more daunting and would rather discourage most of the people to start a new business.



Thank you.

My posts are strictly for someone who might think of buying an existing business. Starting one new will have its own set of due diligence and items to take care of. It sure looks daunting, but as I said earlier, most of it is for the buyer's protection. After all, who would want to buy something without knowing the financial situation of the business in great detail.

Even if it feels daunting, a motivated buyer/entrepreneur will have no problems dealing with it. I was excited although there was lots of work I needed to do to bcause I wanted to make sure I was convinced of every information I received.

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Dimple2001

 
Post ID: 174992 01-11-10 14:09:40
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


Quote:
Originally posted by AshwaniG

This is indeed one of the best information that is ever posted on CD .
The information provided is quite exhaustive .
OP has dedicated his valuable time to provide each and every possible detail .
I am sure that many of us will not do certain mistakes that we were bound prior to the information provided .
Once again thanks for sparing your time and posting .
God Bless you .

AG



Thank you.

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Dimple2001

 
Post ID: 174993 01-11-10 14:11:07
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newboyo
Senior Desi
Member since: Nov 05




Posts: 253
Location: TO


Hey there Dimple,

I've been a banker for 20+ years and this is an extremely methodical, well thought out and detailed sequence of steps. Brilliant job.

Rgds

New


 
Post ID: 174994 01-11-10 14:51:33
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dimple2001
Senior Desi
Member since: Apr 04




Posts: 2873
Location: Western Hemisphere


Quote:
Originally posted by newboyo

Hey there Dimple,

I've been a banker for 20+ years and this is an extremely methodical, well thought out and detailed sequence of steps. Brilliant job.

Rgds

New



Thank you.

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Dimple2001

 
Post ID: 174996 01-11-10 15:06:12
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imwhoever
Senior Desi
Member since: Aug 09




Posts: 277
Location: My laptop


thank you for taking pain to write such a detailed post..:cheers:

 
Post ID: 175012 01-11-10 17:10:43
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Ash20
Senior Desi
Member since: Apr 06




Posts: 443
Location:


Excellent Post.



 
Post ID: 175013 01-11-10 17:28:23
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Contributors:
7wonders(1)  Ash20(1)  AshwaniG(1)  booradleysmart(1)  chekram_04(1)  dimple2001(23)  dudewheresmycar(1)  
happywoman36(3)  hchheda(1)  imwhoever(1)  jonav(1)  Maharaj(1)  manserwadekar(1)  mkannuri(1)  
newboyo(1)  peacock1(1)  people99(1)  tamilkuravan(1)  web2000(1)  
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