FREQUENTLY ASKED QUESTIONS

HOW SHOULD I SELECT AN AGENT TO VALUE & SELL MY BUSINESS?
ALWAYS choose a valuer who is a member of The Association of Valuers of Licensed Property (A.V.L.P), or Royal Institute of Chartered Surveyors (R.I.C.S.) and NEVER opt for an agent who requires an up front fee.

HOW EASY IS IT TO OBTAIN FINANCE?
Dependent upon the price of the property to be purchased and whether or not there are good accounts available it is normally possible to borrow up to 75% of the going concern valuation. There are many lenders in the market place and some will require applicants to have experience whilst others are unconcerned. If applicants have County Court Judgements recorded against them this will not necessarily make any application for a mortgage invalid but such judgements must be declared. With regard to interest rates these will vary according to the percentage of the purchase price being advanced - the more cash stake a purchaser has the better interest rate deal he will be able to negotiate.

For further advice contact Business Mortgage Solutions at http://www.business-mortgage.com also,Acorn Commercial Finance http://www.publoans.com

WHAT QUALIFICATIONS OR TRAINING WILL I NEED?
New applicants will be required to hold The National Certificate for Personal Licence Holders before applying for a Personal Licence. There are many training centres all around the country which offer short courses for the above qualifications.

HOW DO I GET A PERSONAL LICENCE?
Applications for new Licences should be made to your Local Authority on a standard form. Personal Licence Holders must: be over 18, have an approved new-style licencing qualification (see above), submit to a Criminal records check and pay the appropriate fee. An application for the transfer of the Premises Licence will be made to the Local Authority in whose district the premises is situated.

HOW LONG DOES IT TAKE TO PURCHASE A BUSINESS?
It is impossible to be precise but an average timescale will be between 8 - 12 weeks although the situation can be speeded up considerably if there is no requirement for a mortgage.

SHOULD I EMPLOY A STOCKTAKER?
Without hesitation we would always recommend that regular extended stocktakes are carried out to ensure that you are aware of what your business should be earning. If there are any major discrepancies you are then armed with the relevant information to make appropriate adjustments. For further advice visit http://www.inn-house.co.uk