Looking to buy a business in Australia? These top tips from Australian business broker Cathryn Austin will be invaluable if you follow them closely!
Be very sure the business you buy is one you can see yourself in for at least 4 to 7 years.
Have the business agent send the financials of the business to your accountant to look over, but be warned if they take their time you may loose the business.
Don’t let the accountant have the final decision. It’s your choice not his! If you feel it's right for you follow your gut feeling.
If you need to borrow call your bank or broker, give him your details and be 90% sure you can afford the business before you proceed.
Relocating! Live in a close proximity to the business or you will find travel gets you down and petrol prices will chew up your profits.
Discreetly sit outside the business for sale at different times of the day and watch the traffic flow (some professional and wholesale businesses don’t apply).
DON’T ask Mum, Aunty Jean, or your friends what they think (most often they are negative). Listen to your own heart on this, no one else!
Always have an independent person with you at stocktake if applicable. Check the plant and equipment and be sure the stock is all accountable before settlement.
If you're buying from a broker let him guide you through the process. He is responsible to supply you with all the information on the business and assist you throughout the sale.
BIG TIP! NEVER EVER try to negotiate the price without the agent! This always ends up in conflict and more times than not you loose the business all together.