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How to Own a Company in Nigeria: Beginner Guide

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Business in Nigera

Have you been wanting to start a business or buy a business(es) in Nigeria and you don’t have money or funds? Have many opportunities past you just because you don’t have the cash despite been having the potentials?

Well, today you just got the answer to your challenges because here and now I’ll be sharing another business hack with you on starting businesses in Nigeria and this is courtesy Dan Lok. You guys should all check him out at his blog DanLok.com

Just last week I still saw an advert on Jiji of an individual that wants to sell his bakery here in Lagos. The reason this person wants to sell his bakery is not known, all I know was it was a good deal. The owner was also selling the land and house he uses for the bakery alongside the bakery and this was all at a giveaway price (if all documents are valid). This is why I said it was a good offer.

So the question on an average Nigerian man is “how can I buy this business in Nigeria especially when I cannot afford it?” Well, if truly you don’t have up to the amount the business wants to be sold at, you can’t truly afford it but it this doesn’t mean you can’t buy it. It’s just about knowing how to go about it.

Now, if you’ve been reading this blog for a while now and you have been following us, you’ll know by now that I usually talk about relationships and how every man can benefit hugely from them. In case you missed these articles, I’ll strongly recommend that you go back and read them after you’re done with this article as it will give full knowledge of what I’m about to expose in this article.

 How to Buy any Business In Nigeria

Here’s the real deal. While some people have cash funds when it comes to buying assets like businesses, some people have relationship funds they also use to buy assets. You either in the cash funds area or the relationship funds area, not belonging to any of these can make buying of business in Nigeria impossible, totally impossible.

So let me use the jiji advert as an example of how to do this since we all relate with examples more than mere talk. So let’s say I’m the one that is interested in buying this business. All I need to do first is to make sure everything I know about the business is truly valid and to do this I’ll need to contact the seller and call my lawyer for us to set an appointment and meet in a place (maybe a relaxation centre) where we can talk more.

Fast forward to the day of the meeting, we meet and I first check through the business/property documents to check things out myself and pass on to my lawyer for further validation. Then I start my bargaining. Now, note, let’s say he had earlier said he was selling the business and property for 40 Million naira, I can bargain to buy it for 25 Million naira. After so much back and forth, if he finally agrees,

We set another day for payment and inspection of the business premises. And before this day comes, I’ll have told my lawyer to do some background checks about the seller, the business history, and the business premises, if all that we see on ground correlates with what we saw on paper, the process of now buying the business now comes into play.

The next stage here is looking for funds to buy the business in Nigeria. So since I don’t have cash funds I’ll go for relationship funds and that is contacting my friends that can afford the buy such kind of business. This is where making friends with the movers and shakers of Nigeria come into play.

Here, all I have to do is to inform my friends about the business opportunity and how I’ll like to buy the business with their support with is not totally free. I’ll have to let go of something for them to get their cut or make profits. At this point, I’ll choose with heart my friends who will really be interested in the business and property.

After deciding that, the next stage is to pay him a visit and have a chit chat about what I’ve found.

So our conversation will go like this…

Me: How far guy? I dey your entrance. (on phone)

Him: Oh! The gateman will open the gate in a minute.

The gateman comes to open the gate and here’s my friend waiting for me at the entrance of his apartment to give me a hug.

We enter and he serves me a drink.

Me: Omo guy, I just got a deal o… And trust me, it’s really cool.

Him: Ehn ehn? Fill me in na.

Me: Yes o! I just met a guy that wants to sell his business and property (all in one) for 20M and I’m interested in buying it.

So I need your advice on this and most importantly I need you to loan me some money in buying it.

If you’re scared about me not refunding the money, you can then hold on to the document after purchase but if you can loan me, I’m ready to give you the land for 15Million and just hold on to the other parts the other part of the land the business is on and then pay you the remain 5 Million in 1 year.

End of illustration.

That’s basically how to buy a business in Nigeria without money.

4 basic things you need to consider if you really want to achieve this are:

1. You must be will to let go of something if you really don’t have money to buy the business. Have you heard of the saying “give what you have to get what you want?”

2. You must have rich friends who are ready to invest in you because if you have rich friends, you’re also rich no matter your brokenness.

3. Asides from having rich friends, be a man of your words. If people especially your rich friends see that all you have in you is how to swindle people of their money they will not make friends with you and if you are not friends they won’t invest in your business.

4. Make sure the business you’re buying is legit. Remember in my little story I mentioned earlier I talked about my lawyer and background checks. This is just to make sure I’m taking the right step.

So this is very vital if you want to have a long time relationship with your rich friends.

It won’t be good for them to invest in your business only to discover that they fell into the hands, 419.

End of article. That’s basically how to buy a business in Nigeria without cash.

Conclusion

Send me a mail if you want us to talk more on this extensively or you’re having a different issue as regards buying a business in Nigeria. I’ll try my best to answer you ASAP and if the problem is way beyond my periscope I’ll direct you to someone that can handle it. That’s all in this article. As usual, let me know if I missed any part of this article.

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Ralph Bamigboye is an Accountant. He is the owner of TheInfoWorth.com, NetWorthVerse.com and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

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