Car Garage & Mechanics: How to Buy During Covid
Pretty much every part of British society has been affected by the Coronavirus. Owners of businesses and workers alike are being detrimentally affected by the closure of many non essential businesses. However, the government has deemed certain businesses as ‘essential’ and they have been permitted to continue trading during the lockdown. So, for some businesses, like car garages and mechanics, the ability to trade remains.
People will be looking to purchase car repair garage businesses and there may be owners who are looking to sell. Kaiser Solicitors are here to help business owners and prospective buyers negotiate contracts during the unusual circumstances we all find ourselves in today.
Mechanics are an essential part of society. Even during a covid lockdown people still need cars. Although most of us are using them a lot less at the moment we still rely on them to go to the supermarket, to attend hospital or doctor’s appointments, or (if we are a key worker) to go to work. Aside from this the UK infrastructure relies food and essential items being delivered by trucks and lorries which must be kept in a good state of repair.
Should I Buy a Garage?
- Garages are resilient businesses because even in times of recession they still perform a necessary function that many people cannot do without.
- If you are looking to buy your first business there are startup loans backed by the UK government which may help you to get started in the industry.
- When considering whether to purchase a garage, think about the revenue required to keep the business running, staff costs and overheads vs incoming revenue. This will help to decide if the numbers add up in your favour.
- Always do market research to determine whether the business is likely to succeed. This valuable local knowledge will ensure that your business will thrive.
Buying your first garage can be quite nerve-racking even at the best of times, and in these unusual circumstances, even the boldest entrepreneurs may think twice.
Kaiser Solicitors will ensure that your business purchase, or business sale, will be as stress-free as possible and you can be sure that you will be offered advice based on decades of experience in this sector.