One of the most positive aspects of buying a turnkey business is that, in theory, all permits have been applied for, received, and regularly renewed. However, before purchasing the business, it is essential that a new owner make sure that the building that houses the company is up to code, any relevant patents are up-to-date, and all permits and regulations are taken care of.
Buying a business that has fallen behind on their regulation and patent renewal means a loss of time and a loss of money for the new business owner. Because the new owner is responsible for any and all regulatory problems, even if they are the fault of a previous owner, hiring a building inspector may be the best way to deal with possible problems. By going over all regulation, patent, and permit papers with a professional, a new business can open safely and legally.
