Buying a business in Tenerife
Buying a business in Tenerife requires research, careful attention to detail and heaps of common sense. Tenerife Lifeline covers the purchase process; taking you through which documents you need including the opening license, the traspaso, contracts, outstanding debts and bills, lawyers, notaries and using a business transfer agent.
Most people will start by searching on the internet for a business for sale in Tenerife, and for many, this process will begin even before moving to Tenerife. Using a specialist business transfer agent will be a definite boost to your progress, and you will benefit from a real insight into running a business on the island. It is worth stressing that you should use a specialist company, because as the property market has become quieter, many residential estate agents have begun moonlighting in the sale of business premises. A business is not only about changing the freehold title of a property, which is what an estate agent should be able to help you with; business advice should be based on a rich case history of many other people who have been in your shoes. Valuing businesses in the context of the market is not based on a price per metre of ground, so a company accustomed to dealing with many businesses is likely to give you a much more unbiased opinion.
The purchase of a business is only the first step; the time and energy that you put into the enterprise is something that nobody but you can control. Tenerife may appear to move at a relaxed pace and may have a holiday atmosphere, and many people who start or take over businesses on the island expect to continue in this vein. Running a business in Tenerife requires as much determination, hard work and persistence as it does anywhere else in the world: don’t be under any illusions.
Hazel Fay and Phil Collins moved from near Dudley, in the UK, to Tenerife in May 2008. Like an increasing number of expatriate entrepreneurs, they weren’t interested in running a bar or restaurant. Prior to working in customer services, Hazel had spent several years working in the catering industry. “We didn’t want a business that would mean working 24/7. We moved to Tenerife to improve our quality of life!”
They started their hunt a few months before moving, searching the internet. “We found Business Finder Tenerife, who had the widest selection of businesses on offer, as well as 20 years experience. They were really helpful, right from the early stages.” After an exchange of emails, Hazel and Phil eventually came over to view a short list of businesses. They had not settled on any particular industry and looked at some in property management as well as distribution. Phil had been involved in the building industry for many years in the UK, and after some time discussing their skills and needs at Business Finder Tenerife, they decided that property management would make best use of both of their past experience. “The advice they gave was really good” said Hazel, “we had much more information about the business than we had expected, which really meant that when we started, we knew exactly what we were doing.” Using a well established firm will help you avoid the pitfalls that many expatriate business owners fall into, and Hazel and Phil’s transition was a smooth one. “The most surprising thing was the amount of paperwork” said Hazel, but fortunately they had expert help.
Hazel and Phil are now running their successful Property Management Company and are optimistic about the future.
 Business Finder TenerifeSend an Email |
Business
Real life stories
Related Articles:
Advice about Tenerife Bars for Sale
Business Finder Tenerife