What is Site Visit?
The Short Answer
Site Visit explained simply
A site visit is a crucial step in buying a business. It’s when you, as a potential buyer, go to the business location to see everything up close. This isn’t just about looking at the building; it’s about understanding the day-to-day operations, checking the equipment, and getting a feel for the business environment. It helps you confirm what you’ve learned from documents and see if the business is a good fit for you.
Real-World Example
The Coffee Shop Site Visit
Imagine you’re buying a coffee shop. During your site visit, you’d look at:
- The layout: Is it efficient for staff and comfortable for customers?
- The equipment: Are the espresso machines, ovens, and refrigerators in good condition?
- The foot traffic: How busy is the area around the shop?
- The staff: How do they interact with customers and each other?
You might also observe peak hours to see how the business handles demand and identify any potential issues or opportunities.
Why this matters
Site visits matter because they give you real-world insights that financial statements and marketing materials can’t. You can spot potential problems, verify information, and get a sense of the business’s culture. It’s your chance to kick the tires before you buy.
Always prepare a list of questions before your site visit. This ensures you cover all your concerns and make the most of your time at the business.
Always prepare a list of questions before your site visit. This ensures you cover all your concerns and make the most of your time at the business.
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