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Accountancy Age - 4 December 2002

Small business buyers shun accountants

By Larry Schlesinger

A worrying new survey of the SME market has found that the vast majority of people who wish to buy a small business, do so without any professional advisors, including accountants and lawyers.

Eight-five percent of people looking to buy a small business did not have an accountant, while 81% have no legal representative, according to www.BusinessesForSale.com, which surveyed nearly 200 prospective buyers.

Its research also revealed that three-quarters of potential small business owners had not arranged the finance necessary to set up shop, while four in five did not have a business plan.

Leigh Nissim, CEO of BusinessesForSale.com, said the results demonstrated a 'startling lack of communication between individuals looking to purchase a business, and the services they need to complete the transaction'.

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