How much will it cost?
As with all properties, whether you go for leasehold or freehold will make a difference in price. For example, one large greengrocer's could be advertised as costing three times as much for the freehold as for the leasehold.
With a leasehold business, the value will be based on profit making and goodwill, for example 10 times the weekly taking. With freehold, obviously the value of the bricks and mortar is added on.
If you want to live on the premises, this will cost more. How much depends on the size of the living area and, again, whether you are buying or leasing.
Sometimes accommodation is included in the total leasehold price.
The value of stock is different to many businesses because it has a very short shelf life. You will always have to restock within a matter of days. Check the definition and see whether equipment and fixtures and fittings are included.
Even if you are in the grocery trade you will still need to know the location of the fruit and vegetable markets, the good customers in the area, and the ins and outs of the accounts. The latter will take the form of a detailed handover rather than a full training programme, but you should check that you will be provded with something of this nature before you go ahead and make the deal.
Some would say this is the most valuable part - and the most difficult to quantify. Your accountant and business agent will assess the goodwill in terms of the business being as profitable and stable as it is claimed.
But in practical terms, goodwill could be the outgoing owner introducing you to valued customers and accounts and to premier suppliers. There is nothing to force them to do this but hopefully it will be something you will be able to arrange with them.