Chris Hughes, Mincoffs: Nobody Tells You How to Buy a Small Business

“I’d love to own a small business… but I don’t have the money or experience.”That’s the assumption most people sit with — especially in corporate or professional careers — while quietly thinking, there must be another way.There is.Hosted by Will Maunder Taylor, this episode features Chris Hughes, a UK M&A solicitor working hands-on across a large number of small business deals each year, to unpack something most people never get visibility on:What actually happens when you buy a business — step by step.This isn’t theory or legal jargon. It’s a clear, practical walkthrough for people starting to question their path — but who don’t yet realise how accessible buying a business can be.Chris breaks down the process in plain English:How deals actually start (and what to look for)When to bring in advisors (legal, accounting, finance) — and when not toWhat “Heads of Terms / Letter of Intent'' really meanWhat happens during due diligence and legal negotiationsYour role as a buyer vs what your lawyer is actually doingHow best to interact with the Seller during the processAlongside that, you’ll hear what’s really happening in the market right now — with more small business owners stepping back, creating a growing opportunity for new buyers.If buying a business has never crossed your mind — or always felt too complex — this episode will change that.Timestamps:00:00 – Why buying a profitable business is more accessible than you think03:00 – What kinds of businesses are actually available to buy04:00 – Why more owners are selling (the global succession shift)06:00 – Who is buying businesses today08:00 – How people fund acquisitions without their own money11:00 – When to bring in legal & finance advisors12:30 – Heads of Terms/ Letter of Intent explained simply15:00 – What happens during the deal process19:00 – Top tips for first-time buyers22:00 – Why deals fall apart