Definition of Project

Project has been defined in various ways. Some authorities see projects as mere activities while others
see them as programmes of action. Longman Dictionary of Contemporary English defines a project as
“an important and carefully planned piece of work that is intended to build or produce something new,
or to deal with a problem”. From this simple definition, we can see that a project, apart from being
Important, should be carefully planned so as to produce something. Some of the things that a project
seeks to produce may be tangible or intangible. A motorcycle is a tangible product but conducting a
census is not a tangible product.
Also, A project is a temporary endeavor undertaken to create a unique product, service, or result. Like
most organizational effort, the major goal of a project is to satisfy a customer’s need. Beyond this
fundamental similarity, the characteristics of a project help differentiate it from other endeavors of the
organization.

Types of projects – competitive and individual projects

A. Competitive projects
The projects are selected as a result of an open or closed project contest announced and conducted by
particular Implementing Authorities (2nd level Intermediate Bodies) which is responsible for
implementation of a given measure. Selection of these projects is performed with respect for the
principle of disclosure and access to information according to the criteria of project selection adopted
by the Programme Monitoring Committee (the document is available in the section Programming
Documentation).
The process of project selection consists of the following stages:
1. call for proposal,

2. submission of projects,

3. formal evaluation and content-related evaluation of applications,

4. publication of the contest results,

5. review procedures (if needed),

6. signing contracts on financing projects,

7. registration of documents in the information system, according to separate provisions in areas

concerned (the first registration after the formal evaluation of the application for support).
B. Individual projects
Individual projects are investments of strategic significance for the Programme implementation,
indicated by the Managing Authority, after the recommendation of the competent Intermediate Body,
according to strategic criteria approved by the Programme Monitoring Committee. Individual projects
are undertakings whose implementation is important and justified concerning the implementation of
the strategy of a given sector or area and which contribute to a large extent to achieving objectives of
a priority axis a given projects is implemented under. Placing the project on the list is only a conditional
declaration of its financing and is connected with guarantying funds for its implementation within the
project budget. These projects will not be subject to content procedure and will not apply for the funds
under the content procedure. The project implementation will depend on fulfilling the selection criteria
approved by the Programme Monitoring Committee, requirements concerning documentation and
implementation readiness as well as acceptance of the application for support.

Characteristics of a Project
There is a number of key “project” characteristics. These characteristics are elements that make a
project a project.
These seven characteristics are;
1. A single definable purpose, end-item or result. This is usually specified in terms of cost, schedule
and performance requirements.
2. Every project is unique. It requires the doing of something different, something that was not done
previously. Even in what are often called “routine” projects such as home construction, the variables
such as terrain, access, zoning laws, labour market, public services and local utilities make each project
different. A project is a one-time, once-off activity, never to be repeated exactly the same way again.
3. Projects are temporary activities. A project is an ad hoc organization of staff, material, equipment
and facilities that is put together to accomplish a goal. This goal is within a specific time-frame. Once
the goal is achieved, the organization created for it is disbanded or sometimes it is reconstituted to
begin work on a new goal (project).

4. Projects cut across organizational lines. Projects always cut across the regular organizational lines
and structures within a firm. They do this because the project needs to draw from the skills and the
talents of multiple professions and departments within the firm and sometimes even from other
organizations. The complexity of advanced technology often leads to additional project difficulties, as
they create task interdependencies that may introduce new and unique problems.
5. Projects involve unfamiliarity. Because a project differs from what was previously done, it also
involves unfamiliarity. And oft time a project also encompasses new technology and, for the
organization/firm undertaking the project, these bring into play significant elements of uncertainty and
risk.

6. The organization usually has something at stake when undertaking a project. The unique
project “activity” may call for special scrutiny or effort because failure would jeopardize the
organization/firm or its goals.

7. A project is the process of working to achieve a goal. During the process, projects pass through
several distinct phases, which form and are called the project life cycle. The tasks, people,
organizations, and other resources will change as the project moves from one phase to the next. The
organizational structure and the resource expenditures build with each succeeding phase; peak; and
then decline as the project nears completion.

Classification of Project
The projects are basically defined in two aspects or categories: one is defensive project and other is
aggressive project.
Defensive Project: Is the project initiated to stabilize and sustain the current business situation.
Aggressive Project: Is the project initiated to enter into new business in a commercial manner and
majorly depends upon the future prospective rather than the current scenario.
There is other classification of projects as well which is based on the need of execution and the time,
these can be categorized as:

Projects can be further classified into various other classifications like national and international
projects, industrial and non-industrial projects, on the basis of technology, size, ownership, public or
private projects, need, expansion or diversification projects.
Each of these is discussed as follows:
1. National and International Projects: This kind of projects is categorized on the basis of
geographical location set as countries. If one country tries to build projects with other foreign country,
such projects are said to be international projects and when it is done in one’s own country, then it is
said to be a domestic or national project.
2. Industrial and Non-industrial Projects: The projects initiate in one’s own country with an
objective to make money and for commercialization, are called industrial projects. For example, a car
manufacturing is an industrial project. While the project which are done for the upliftment of the
society and majorly done with social welfare objectives, are called non-industrial projects. For
example, Building of a canal, agricultural development comes under non-industrial projects; these are
mainly carried up by the government.

3. Projects based on Technology: These are largely high technology projects which require lots of
investment and works on new or non-existent technologies like rocket launch project, space projects,
etc. and some other are those projects which use technology which are already proven like a software
ERP project, automobile automation project, etc.
4. Projects based on its size: These projects are based on investment size or capacity of plant to offer
goods or services. This can be further classified down to small, medium and large-scale projects.
Project above the investment of 100 million dollars is considered as large projects.

5. Project based on ownership: This can be further classified as public sector project, private sector
project and joint sector project.
i. Public Sector Projects: Projects which are of the state, center or both forms of governments, are
known as public sector projects.

ii. Private Sector Projects: Projects with a complete ownership of promoters and investors is known
as private sector projects. Owners may be an individual, partnership firm or a company. These projects
are mostly done with an objective to earn profit and thus have a commercial nature.

iii. Joint Sector Projects: In these projects, there exist a partnership between the entrepreneurs and
the government; it may be from state government or the central government. These types of partnership
occur on the grounds of expertise and laisioning work and government arranges for the fund in large
amounts. For example, Project of Metro Train, Dams, Information technology parks, Electricity plants
and other similar natured projects.
6. Need based projects: Projects are basically driven by certain needs of the organization and these
needs furthers forms the basis of project categorization as Balancing Project, Modernization Project,
Expansion Project, Diversification Project, Rehabilitation Project and Plant Relocation Project.
i. Balancing Project: Augmenting or strengthening the capacity of particular area within a chain of
entire production plant with a purpose of scaling to the capacity in order to have optimum utilization,
is balancing project.
ii. Modernization Project: Upgrading the technology to increase the productivity and inevitable
approach of technology is called modernization project.

iii. Expansion Project: When the production capacity of goods and services is to be increased, the
project that is undertaken is known as expansion project.
iv. Diversification Project: Project undertaken by the organization to completely divert from its core
business is called diversification project. For example, if a Petroleum company decides to enter into
Information Technology business, then the project will be known as diversification project.

v. Rehabilitation Project: When a project is started to revive a loss bearing company, is known as
rehabilitation project.

vi. Plant Relocation Project: When an organization decides to shift his plant from one location to
another, the project started will be known as relocation project.

Differences between Project and Programme

Many people might consider a program to be just one really large project. A project is a singular effort
of defined duration, whereas a program is comprised of a collection of projects. Problem solved, right?
Actually, it’s a bit more complex than that. While programs and projects actually have several different
characteristics and different functions within an organization, they also have many commonalities.
Likewise project managers and program manager are two different roles within an organization, as
well, yet they share similar duties.
While the state of the industry is always changing, it behooves you and your organization to know
when your projects should become programs. Let’s look at how they are different and how they arre
the same so you can apply the concepts to your own programs and projects.
Projects and Programs: How they’re Different
Structure: A project is well-defined, with a Project Charter that spells out exactly what the scope
and objectives are for the project. A program tends to have greater levels of uncertainty. The team is
also bigger. The program team are supervising and coordinating the work on a number of projects so
while the core team may not have that many people in, the wider team includes the project managers
and all the project team members.

Effort: This is the most significant difference between projects and programs. A project represents
a single effort. It is a group of people forming a team working towards a common goal. A program is
different; it is a collection of projects. Together all the projects form a cohesive package of work. The
different projects are complimentary and help the program achieve its overall objectives. There are
likely to be overlaps and dependencies between the projects, so a program manager will assess these
and work with the project managers concerned to check that overall the whole program progresses
smoothly.
Duration: Some projects do go on for several years but most of the projects you’ll work on will be
shorter than that. On the other hand, programs are definitely longer. As they set out to deliver more
stuff, they take longer. Programs tend to be split into tranches or phases. Some projects are also split
like this, but not all projects last long enough to be delivered in multiple phases.

Benefits: A project team works towards achieving certain outputs, that is, what you get at the end.
For example, this could be a set of deliverables that form a software package, or a new retail branch,
or whatever it is that you are working on. The benefits of a project tend to be tangible: you get a „thing‟
at the end of it. A program team works towards delivering outcomes. Outcomes can be tangible but are
often not. The benefits of a program are the sum of the benefits of all the different projects and this
could amount to a policy or cultural change, or a shift in the way an organization works.

Factors Affecting the Location of Projects

The location of a business is the place where it is situated. There are a number of factors that need to
be considered in choosing a location for a business. One of the earliest decisions any entrepreneur has
to make is where to locate his or her business. In order to do this, he or she has to make a careful
assessment of costs. The ideal location would be one where costs are minimised. The entrepreneur
would need to look at the benefits which each area had to offer as well as any government help which
might be available.

There are several reasons why an organisation might decide to open new branches or relocate its
existing operations. It might want to expand the business, so it will open branches in cities where the
organisation did not previously have a presence.
A business might also want to restructure or modernize its operations. It might do this by bringing
together some existing departments into new purpose-built premises. It might decide to shut its less
profitable operations and open branches in locations that offer more business potential.
A business will have to consider many factors when determining where to locate a new branch or
operation. Usually, it will have to balance several factors in making a decision. Sometimes one factor
may sway the decision:
It may choose a site with the cheapest land or buildings.
It might decide on a location that is convenient for key employees. A business needs to be able to
recruit staff with the right skills base.
It might choose a site that has easy access to raw materials. For example, many frozen food factories
are located near fishing ports to reduce transport time taken and to keep fish fresh.
The key factor could be the transport and service infrastructure. Many businesses require easy access
to good road and railway links and modern telecommunication services. These ensure that they can
meet service or delivery deadlines.

Closeness to Markets
This is the case with fresh produce - so that for example, many supermarkets operate their own
bakeries.
Communications Links
Transport is an important factor supporting access to markets. Modern companies also need to locate
where they have access to excellent information technology links.
Closeness to raw materials
Locating close to the raw material supplies can reduce where raw materials are heavy and large
quantities are used up in production costs. This is particularly true for industries like steel, which uses
large quantities of iron ore in the production process.

Availability of appropriately skilled employees

Some industries rely heavily on a highly skilled workforce. In contrast, other industries that require
cheap labour will seek locations where there are a lot of people looking for work that are prepared to
accept low wages.
Opportunity for waste disposal
Waste is an important side effect of modern industrial processes. Firms that produce a lot of toxic
material (e.g. some chemical plants) will seek to locate where there are facilities available for recycling
and safe disposal of their products.
Availability of power supplies
Energy supplies can typically be found in most parts of the UK - e.g. electricity pylons and cables.
Large firms are able to negotiate bulk discounts when they purchase power from energy retailing
companies. Being able to negotiate a good deal in a particular location might be influential as a
locational factor.
Availability of land Is increasingly important today. Land is becoming increasingly scarce particularly
in urban locations, forcing rental prices up. Property prices are particularly high in major city areas
such as Central London and Birmingham. Companies like Land Securities are developing new sites
that are suitable for modern businesses to locate to.
Government incentives
Are important in reducing costs of locating in certain areas. These incentives are in effect subsidies
provided by European Regional Funds (from the European Union) and by the UK government. A
footloose business - is the term used to describe a business that is not tied down by particular locating
factors. It can more or less set up anywhere.
Industrial inertia - describes a situation where a business sets up in a particular location and then the
original factors that led it to locate, become no longer significant - but the firm does not move.

Availability of Good Road Networks

Availability of good road networks is another major factor influencing the location of projects in the
economic landscape. Road networks are very important. They are important for the movement of
essential raw materials from raw material sources to factories and also for the movement of finished
goods to the markets where they are needed. Most investors in the economy are usually attracted to
areas with good road networks. Good road net works reduce the cost of transportation.
Availability of a Good Rail System
Another important factor influencing the location of projects is the availability of a good rail system.
A good railway system ensures cheap transportation and evacuation of raw materials from their sources
to factory locations and also the movement of finished goods to markets. You may observe that the
development of trading locations in Nigeria seemed to have followed the railway system. The North –
East and West rail system runs through towns today which have become trading posts. Kaduna-Abuja,
Lagos-Osun, etc., all enjoy good trading activities because they are located along railway line routes.
Nearness to Airports
Another identified factor affecting location of projects is nearness to airports. A lot of businesses tend
to be located close to Airports. encourage quick movement of people to and from various locations. If
you take a good look at the country today, the towns that are served with air links tend to be enjoying
faster economic growth and development. Lagos, Abuja, Kaduna, Ibadan, Delta, Benin, Port Harcourt,
Calabar, Enugu, etc., enjoy good air links which facilitate the movement of people.
Political Considerations
The location of most business projects is driven mainly by economic motives. Private sector projects
are mainly profit-driven and their location is based only on economic merits. Also the public sector,
since the era of economic reforms, has bought the idea of economic reforms and is now locating
projects based on economic merit and viability. However, not all projects are located based on sound
economic judgment. Political considerations occasionally play very important roles in deciding where
a project will be located. For example an oil refinery may be located very far away from crude oil
sources. The cost of transporting crude oil to the refinery may result in the refinery operating at a loss.
Intervention of Projects
Intervention projects are those projects which are conceived and located within specific areas to correct
inequalities in distribution of resources. In the emerging political dispensation, the issue of uneven
development has been brought to the front line of discussions. Complicating the discussions is the issue
of resource control and the attendant political and social implications. The Niger Delta region of
Nigeria produces a major percentage of the oil revenues of Nigeria. Recent thinking is that the region
has not received sufficient attention as a major oil producing region. Currently, the federal government
is focusing attention on the region and a lot of developmental projects are now springing up in the area.

Importance of location in Business

Choosing a location for a new business is one of the most important decisions entrepreneurs make
during the planning phase of launching ventures. The location of a business can affect many aspects of
how it operates, such as total sales and how costly it is to run. Even home-based businesses and online
businesses can be affected by location-dependent rules and regulations.

Accessibility
Location is of utmost importance to businesses that sell goods or services directly to customers at brick-
and-mortar establishments. For example, a card shop located in a popular mall is likely to attract more
customers than a similar shop located in a run-down part of town. Location can also influence a
business's ability to market itself. A business with a storefront on a busy street is more likely to attract
customers with signs and storefront displays than a business that is not in a busy area.
Competition
A business's location can affect the competition it faces from businesses that sell similar products and
services. For instance, an upscale neighborhood in a major city might have dozens of ethnic food
restaurants, while a small town might not have any businesses that sell ethnic food. Starting a business
in an area with few direct competitors can increase the likelihood of attracting customers.
Operating Expenses
The location of a business can influence the total cost of operation. Renting a storefront on a popular
street or in a highly trafficked mall is likely to be more expensive than opening a store in a small
commercial district in a residential area. A business could be better off opening its doors in an area that
is cheap, even if it results in fewer total sales.
Taxes and Regulations
The location of a business determines the state and local taxes that owners have to pay and the
regulations they must follow. Income tax and sales tax rates vary from one area to another, which can
have a significant impact on a business owner's earnings. Government zoning laws can limit the size
and construction specifications of buildings and the use of signs. State and local laws can also affect
the types of permits and licenses necessary to operate a business.
Home Businesses
Home-based businesses offer a variety of advantages over companies located away from the home,
which can make them attractive to small-scale business owners. The cost of operating a home-based
business is typically lower than paying to rent retail space or office space in other locations. Home
offices can cut down on travel costs and make it easier for owners to balance work with home life. The
cost of operating a home office is also tax deductible.

Advantages and disadvantages of buying a business

Buying an established business rather than setting up a new business has many advantages but is not
without risk. You will need to know the advantages and disadvantages of buying an existing business
and be clear about your ability to run a business.

Advantages of buying a business

Buying a business is generally considered less risky than starting your own business, especially if you
can buy a well-managed, profitable business for the right price. Consider these advantages:
The difficult start-up work has already been done. The business should have plans and procedures
in place.
Buying an established business means immediate cash flow.
 The business will have a financial history, which gives you an idea of what to expect and can make
it easier to secure loans and attract investors.
You will acquire existing customers, contacts, goodwill, suppliers, staff, plant, equipment and stock.
A market for your product or service is already established.
Existing employees and managers will have experience they can share.

Disadvantages of buying a business

Keep in mind that not every business on the market is a good prospect. Many owners will be selling
unprofitable or under-performing businesses. While this can be a chance to buy and develop a cheap
business, it can also be a risky investment. Consider these disadvantages:
The business might need major improvements to old plant and equipment.
You often need to invest a large amount up front, and will also have to budget for professional fees
for solicitors and accountants.
The business may be poorly located or badly managed, with low staff morale.
External factors, such as increasing competition or a declining industry, can affect future growth.
Under-performing businesses can require a lot of investment to make them profitable.
The seller's personality and their established relationships may be a major factor for the success of
the business.

Deciding to buy a business

Before you think about buying a business, it's important to know what's involved and whether you're
the right person for the job.
Running a business is demanding, so take some time out for self-assessment. You need to be sure you
have the necessary finances, skill and ambition to succeed. Once you've decided you're ready to be in
business, you then need to find a business that suits your abilities, finances and goals. Consider:
a preferred industry (one that matches your experience and meets your goals)
a preferred business model (retail, wholesale, national distributor, on-line supplier, etc.)
a favourable geographic location (ideal customer exposure, potential for growth, distance to travel
to and from work, etc.)
opening hours (e.g. most retailers trade 7 days, restaurants often trade nights, some businesses are
on call 24/7)
how much money you have available to fund the purchase and working capital of the business.
Where to find businesses for sale
There are many ways to find businesses for sale. Businesses are often advertised through:
newspapers
business broker websites - business brokers act as intermediaries between sellers and buyers
real estate agency listings
trade journals and industry magazines

Conducting due diligence

When buying an established business it is vital that you, the prospective business owner, examine the
business in detail. This process is known as due diligence. Due diligence is generally conducted after
the buyer and seller have agreed in principle to a deal, but before a binding contract is signed.
Conducting due diligence is the best way for you to assess the value of a business and the risks
associated with buying it. Due diligence gives you access to important and confidential information
about a business, often within a time period specified in a letter of intent.
With this information you can assess the business's financial position and identify risks and ongoing
potential. It is your chance to answer any questions you might have about the business. The due
diligence process ensures that you get good value for a business. Done correctly, it can be the difference
between buying a business that makes you money and buying a business that costs you money.
You should always perform due diligence with the help of your lawyer, accountant or business adviser.
Investigating a business
To conduct due diligence you'll need to carefully review:
income statements
records of accounts receivable and payable
balance sheets and tax returns including business activity statements (last 3-5 years)
profit and loss records (last 2-3 years)
cash deposit and payment records, as reconciled with the accounts
utility accounts
bank loans and lines or letters of credit
minutes of directors' meetings/management meetings
audit work paper files (if available)
the seller's claims about their business (e.g. their reasons for selling, the business's reputation)
privacy details (e.g. of employees, trading partners, customers)
 stock
details about plant, equipment, fixtures, vehicles (are they in good working order and licensed?)
intellectual assets of the business (e.g. intellectual property, trademarks, patents)
existing contracts with clients/staff
partnership agreements
lease arrangements
details of the business's automated financial systems
details of credit and historical searches related to the business.

You also need to value the business to check whether the asking price is fair.
Warning signs for the buyer
You should be wary of sellers who:
do not disclose important information (e.g. their reasons for selling, financial statements, licences
and permits, staff contracts)
won't agree to a trial period or enough time to conduct due diligence (you will need at least 30 days)
won't introduce you to their suppliers, landlord or estate agent
are involved in legal proceedings
are keen to close the deal quickly
have a questionable credit record and history.

Making an offer

After you've conducted due diligence and valued the business, it's time to begin negotiations - usually
with professional support and business advice. Negotiating the purchase of a business involves making
an offer, which is usually followed by the seller's counter offer and bargaining to reach an agreement.
Negotiation tips
Know your limit (the highest price you're prepared to pay for the business) and stick to it.
Never agree to the first price quoted. Remember that the seller's first price is a starting point. It's
probably useful only because it gives you an idea of whether the business is within your price range.
Open negotiation at the lowest price possible (but make sure it's reasonable and you're able to
substantiate it). If you offer half the asking price, the seller may not think you're a serious buyer.
Always take your time during negotiation. You're buying a business that may well be your principal
activity for many years. An extra few days or weeks are worth investing to ensure you purchase the
right business for you.
 Make your own list of items for negotiation, placing them in separate categories based on what you
can compromise on (nice to have) and what you can't (must have).
Challenge the seller by asking 'what if' questions. What if a major client goes bankrupt? What if a
key group of employees leaves with the changeover?
Do not reveal your own reasons for buying or how badly you want the business. If you really want
it, you'll probably end up making more concessions to get it or paying more for it anyway.
Avoid being overly critical and confrontational. Keep the conversation focused on facts.
Practise the negotiation with a friend or relative beforehand (role play).
Make sure you're satisfied with the outcome. The product of successful negotiation is both parties
satisfied with the end result. But if only one party is satisfied, make sure that party is you.
Be prepared to strike a deal if you're comfortable with the price. Be prepared to walk away if you're
not
Above all, keep emotions away from negotiations. If you can't do that, ask your professional adviser
to negotiate on your behalf.

Bargaining
Buyers and sellers often enter into negotiations from what's sometimes called a 'positional bargaining'
standpoint. Since both parties want to achieve the best outcome for themselves, the seller's interests
will be different from your interests.
The seller's interests will include wanting to make as much money as possible on the sale of the
business, attending to the sale transaction in the way that's most tax advantageous for them, severing
liability ties and avoiding any contract conditions they can't meet. Most of all, the seller wants a profit.
Your interests will include wanting to pay the least amount possible for the business, with the
inclusion of as many tangible and intangible assets as possible in the purchase price, favourable
payment terms and warranty protection against false claims from the seller. Most of all, you want a
bargain.

A shrewd bargainer would be able to convince the other party that the other party is getting more than
they're paying for or, alternatively, that they are paying less than what the business is worth.
Business legal structure
If you're satisfied with the due diligence report, have the necessary finance available and are ready to
sign the contract, you must consider how to structure the purchase. The most common structures
include:
sole trader
partnership
company
trust.

The structure you choose must be defined by key considerations, including:

financial risk of the business
personal financial exposure
requirements from outside partners or investors
expansion plans
federal and state tax efficiency.

It is very important that you decide on the correct legal structure for your business before you sign the
contract. Asset transfers attract taxes, such as stamp duties and capital gains.
Make sure you don‟t need to re-structure your business soon after you have signed the contract, as this
will attract unwanted taxes and additional professional fees. Seek professional advice before deciding
on the ideal structure.
3.2.6 Drafting a purchase contract
After you and the seller have agreed on a price for the business and what the price covers, you'll usually
draw up a contract to give legal force to your agreement. A written contract ensures that both parties
clearly understand what each is agreeing to provide, for what cost and for what method of payment.
You should consult a legal adviser and accountant for advice on the tax and legal implications the
transaction has for you.
Types of purchase contracts
There are basically 2 types of contracts:
purchase contract for the assets of a business (i.e. you purchase only specific assets that the business
currently owns)
purchase contract for shares in the business (i.e. you purchase all the shares in the business and, so,
take over all its assets and liabilities).
Before deciding whether to buy shares or assets consider the following:
When you buy assets, it is relatively easy to establish whether the assets are unencumbered and that
you are not inheriting any potential liabilities that may be associated with the sellers past history (e.g.
pending legal action, tax disputes, overdue creditors)

When you buy shares in an existing company, you are exposed to all outstanding claims against the
company in which you will own equity. Even if the seller agrees to provide legal indemnities, you may
be exposed to unexpected claims.

Make sure you seek professional advice before you sign the contract.
What to include in the purchase contract
Price
This will usually be a break-up of the purchase price, allocating specific amounts to goodwill, plant,
equipment, stock, etc. You should seek accounting advice regarding allocations of assets, as this has
serious taxation implications.
You should determine exactly what aspects of the business you're interested in buying. For example,
the business manufactures an item and sells it in a store. You'd need to determine if you want to buy
both parts of the business.
Type of purchase
You need to determine if you want to make an offer for the business's assets, its shares, or both.
Payment method
What you will pay, how and when.