Three entrepreneurs tell us about buying distressed businesses
Three entrepreneurs tell us about their experiences of buying distressed businesses
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Stuart Wilde just just saw a business, liked it and just bought it. Stuart was in the middle of a home renovation project when he found out his favourite supplier had gone under. Stuart was relatively wealthy but at 52 he had 'itchy feet'. He jumped at the chance to buy the company, even though he had no experience in bathrooms or in retail.
So what have the entrepreneurs learnt from their experience? The key points are:
- You must move fast.
- Have your funds ready to go.
- Do your research even if you don't have time to do thorough due diligence.
- Get outside advice, especially from people familiar with the administration process.