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#465563 - 05/30/13 06:18 PM Buying a business
speckfish Offline
I am looking at buying a business in San Pedro. Anyone have any suggestions of how or experience with purchasing a business that they would like to share? Not going through a realtor. Are there closing costs? How are most companies set up in Belize. Any help or insights wold be greatly appreciated.

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#465576 - 05/30/13 06:49 PM Re: Buying a business [Re: speckfish]
SimonB Offline
Not going through a reputable realtor might not be in your best interests...

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#465594 - 05/31/13 01:22 AM Re: Buying a business [Re: SimonB]
SnoopysMom Offline
If the business involves Real Estate, yes, but absolutely do come down first hand to do your due diligence, consult an attorney, check out Island Living to make sure you like it here, etc. Best of Luck to you!

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#465595 - 05/31/13 01:45 AM Re: Buying a business [Re: speckfish]
ShorelineSolutionsBelize Offline
Sent you a PM
_________________________
www.shorelinesolutionsbelize.com
Property Management Services
Vacation Rentals
Corporate Services

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#465599 - 05/31/13 02:45 AM Re: Buying a business [Re: ShorelineSolutionsBelize]
SnoopysMom Offline
Sorry, my inbox was full, so try again smile

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#465637 - 05/31/13 12:41 PM Re: Buying a business [Re: speckfish]
Diane Campbell Offline
Buying a business anywhere is usually a lot more complex than buying a house or piece of land.
If you have not done this before then please do not try to do it yourself.
Here is a representative list of things that may need to be addressed in a bus-op purchase:
1. Review and certification of accounts
2. Notice to vendors
3. If buying a registered company,getting a certificate of compliance from tax department showing that the company owes no taxes.
4. termination of employees and re-hire in order to clear the books of accrued benefits
5. if buying a company, then yes there is a closing cost - 5% of value transferred to be paid to GoB at the Companies Registry.
6. Hold-back of a portion of purchase-money funds with an agreed upon neutral third party - for payment of bills that may come in after closing.
7. transfer of utilities
8. if you are not buying a company be aware that you cannot transfer most operational licenses - you will need to get new ones if you will operate as an individual
9. bank accounts - do you have one - how to handle operations etc
10. Non-compete clause?
11. Name registration - is the business-name registered? If not you may wish to do so (advisable).
12. Inventory - how much stuff is on hand at time of contract and in what condition - how much delivered at closing, who determines if it's all there and is it pretty much the same condition at closing as at the time of the contract?
13. If you are buying a company then you need to search the registry to see if the company is up to date filing its returns and if the person signing the sale agreement is in fact legally entitled to do so. If you are not buying the company you will still need to do this just to be sure the sale is being made by an entity that is legally entitled to enter into a contract.
14. warranties that there are no known or contemplated legal actions against the company or its principals.

etc, etc, etc......

Bus-op sales are a specialty - get a pro to help you.

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#465639 - 05/31/13 01:08 PM Re: Buying a business [Re: Diane Campbell]
beachbumin Offline
Originally Posted By: Diane Campbell
Buying a business anywhere is usually a lot more complex than buying a house or piece of land.
If you have not done this before then please do not try to do it yourself.
Bus-op sales are a specialty - get a pro to help you.



Such excellent advice. Do whatever it takes to make sure the books and records are accurate. I have seen financials where the income was belize dollars and the expenses converted to u s dollars. Tick and tie those financial statement elements back to bank statements and tax returns. Also remember that unless you are a citizen or permanent resident, you will be required to get a work permit if you will be actively involved in the trade or business. Caveat Emptor.

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#465667 - 06/01/13 05:39 AM Re: Buying a business [Re: speckfish]
Uncle Buck Offline
Live in San Pedro for at least a year before buying a business.

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#465697 - 06/01/13 04:32 PM Re: Buying a business [Re: speckfish]
Nobody You Know Offline
The snow plow business is for sale...

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#465702 - 06/01/13 06:05 PM Re: Buying a business [Re: speckfish]
Phil Offline
C'mon...............it's a Plough

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