Step by Step Guide to Securing your Business

Buying and selling a business on Mallorca is on the surface a similar transaction to that in the UK.

However, with a different language and legal system, there are pitfalls you will need to avoid.  We will assist you with negotiations through these areas.

Below we have listed an 'overview' of the process for purchasing a business on Mallorca.  A full and detailed explanation will be given to clients upon their arrival to the Island together with a complete breakdown of the full process.

1. View our website and make notes of your choices and contact us.
   
2. We will help you assess the choices you have made, enabling us to profile the best business opportunity to suit your experience, requirements and budget.
   
3. Visit the Island and view your chosen businesses with our assistance.
   
4. On completion of the inspection visit, discuss with us any issues you wish clarified on any of the businesses you have viewed.
   
5. If you feel at this point you are in a position to make an offer, we will negotiate with the vendor on your behalf (this takes the personalities out of the negotiations). 
   
6. If your offer is accepted, you will be required to make a deposit of 10% on leasehold or 5% on freehold.
   
7. We will draw up an Option Contract that reserves the business (subject to deposit having been paid) whilst the legal documentation and payment balance is prepared.
   
8. Your application for N.I.E. (see Essential Guidelines) and Spanish Bank accounts (see Banking ) will be processed by bizbalears.
   
9. A date will be agreed for exchanging contracts.  At this meeting the contracts are signed by both parties.  Keys and balance of payment will be exchanged.