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AB: How much did your accountancy experience help during the deal? One, we were able to assess the business ourselves, to see value first hand. We put together a comprehensive business plan with not just financial forecasts, but market research too - where the opportunities lay, what the competition was like, what the prospects were for offline agencies versus online.If a lawyer or accountant does it on your behalf, how do they know if the business is right for you? We had a day-one plan so that on the day we took ownership we had a list of things we could accomplish pretty quickly. RS: There was quite a lot of work to do on unifying the branding.AB: Any problems encountered in the buying process?
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Also, we were buying a sole tradership, which means you can't do things like transfer the bank account and contracts because they're personal to the sole trader.
A lot of customers and suppliers don't want to know when you turn it into a new company, whereas if you just buy shares in something they wouldn't even notice that it's changed hands.
Secondly, our experience allowed us to explore innovative ways of putting the deal together. The previous owner had lots of things designed by different designers so it was a bit of a hodge podge.
We also invested heavily in technology, in a new network and new membership system.
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