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Buying a round advice.


Dirty dan

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So I’ve been offered a round to buy, never done it before as I am interested but I’m just curious what questions I should be asking and how I should take it over. I’m a bit wary about handing over money and getting stitched up

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8 minutes ago, Part Timer said:

Proof of turnover, visit to wash custys windows with seller and an introduction where possible.

I agree with proof of turnover. Apparently there are 85 custys, would I ask for an intro to all of them? 

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2 minutes ago, Dirty dan said:

I agree with proof of turnover. Apparently there are 85 custys, would I ask for an intro to all of them? 

That's probably not feasible but definitely do at least one wash with him. Not fully up on GDPR so I don't know how he is supposed to, legally, pass on customers info.

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We get offered a lot of work form other smaller companies etc.

We never buy because most of the time, the sellers work in a manner which is different to us. Therefore, there is a high likelihood of clients leaving following the sale.

That considered it is often cheaper and more effective to acquire clients via your own marketing.
Then they join up with eh way we work from the off. No client training required.

Your situation may be different but food for thought.
I would try to visit all 85 if I were you. It's a week of cleaning for one person on average I'd say. Perhaps factor that assisted week into the price?

Key questions I would look at is
How they pay. you may want gocardless and he may have lots of cash clients. upon meeting them you may find most are not IT savvy and find it a pain to pay online or GC.
History of consistent payments as part timer said. he may have a lot of messers. He should be able to show accounts of consistent cashflow into his business or account to verify the numbers. They should be willing to show this rather than you pester them for it.
How they like to be advised be cleaned. do they expect times or set days of the week. are they flexible.

 

I would be asking more about the nitty gritty details on the types of clients as they will ultimately choose to stay with you or jump depending on if they relate to your style of service delivery.

Theres this unspoken law of attraction where like minded people tend to flock together. Miserable businesses tend to attract miserable clients. Tight wads. generous free spenders. relaxed clients. picky clients etc.

It's not always about buying the work and the numbers. It's just as much about the type of customer s/he serves. They may very well expect a 20min tea and chat and if you take over and turn up dead professional with minimal chat and have people working for you, they may not click if you see what I mean. Certain businesses attract certain clients and this is the most important thing I consider when people offer to sell us work.

 

Not a precise answer I know but I hope that helps a little for consideration.
It's at least our view on the matter.

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Thanks a lot for that, definitely some Important things to think about. The guy reckons it’s about 5-7 days of work. I’m going to make a note of your advice when I meet up with him this week. Thanks again, you’ve been a real help

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