Where do i start when buying a business?

So you've decided to go into business... it's a big step and for that - Congratulations! 

Ideally you would already have decided whether you are going to start one or buy one, and whether it is a franchise or an independent business. Even better would be that you have started engaging one of our business coaches to assist you in the early stages of the process. They can help you decide what is the best business for you to suit your lifestyle and achieve your end goals. They can give you advice on what you will need to prepare for your business, and hold your hand through the process. Once you are up and running they play a critical role in ensuring your success and giving you the best start to your business life ahead.

Lending for businesses can be very difficult and we highly recommend you get your finances in order early, and establish an idea of your borrowing capacity - ideally having a pre- approval in place will assure you can bid with confidence. Whilst you can submit an offer subject to finance you can bid more aggressively if you are able to supply a letter from your accountant or bank to say that you can access the required funds with your formal offer - it may just be the difference in accepting yours over an offer subject to finance.

Business Sales are complex and Fragile

Provided below is a very general overview of the sale process - being complex, we highly recommend the use of professionals to assist you. These professionals may include a business broker, a financial advisor, an accountant, a lawyer, and a business coach.

Next steps 

Talk to one of our business brokers and narrow down the search to choose a business that is right for you. It may not be a business you see advertised, it maybe a particular business you are looking for and you wish to engage us as a buyers agent  where we work and act on your behalf to get you the right business with the right price and conditions.

Found a business  - your business broker is here to help you. They are here to ensure the process is as simple as possible for both the buyer and the seller. Your broker will assist you and guide you from this point until Settlement and hand over.

Once you have found your business, done the research, visited the business and met the owners and got all the Q&A's out the way you will make a formal written offer, often called an Expression of Interest (E.O.I). The E.O.I. will detail your offer and the conditions set out for the purchase of the business. It is normal at this point to engage a lawyer to ensure the conditions set out are covered correctly.

Form the content for the Sale Documents. Once the Sale Documents are signed and you have paid your deposit, you will complete the Due Diligence process and complete any training or trial periods as set out in the conditions of the sale document. 

Settlement will be booked once the conditions are all satisfied and your lawyer will book a time to settle and acquire the business for you. Your broker is also there to assist the smooth handover of the business.

After handover is complete you are in business!

Your business coach will ensure that you are staying on course to your business plan. Your business coach will also assist overcoming the challenges you face while you learn to manage and run your business. They will help you achieve  your end goals and keep you on track.