Understand the process of buying a business

How to Buy a Business

Find out how to buy a business in Queensland and understand the process.

Gold Coast | Brisbane QLD Business Buyers

Looking for the perfect business opportunity? Buying an established business can fast-track your success—giving you a strong customer base, proven revenue, and an existing operational structure. But finding the right business at the right price requires expertise, strategy, and access to exclusive opportunities.

At Gold Coast Business Brokers, we make the process seamless, ensuring you invest wisely and confidently.


The buying process: how it works

When you find the right business, don’t wait—act fast! The best deals don’t last long, and delaying could mean losing out to another buyer. Lock in exclusivity, conduct due diligence at your own pace, and gain full access to financials before making a final decision. If it doesn’t work out, you’ve only lost time – not a golden opportunity.

Step 1: Define your goals

Before you buy, it’s crucial to understand what you want. Are you looking for:
✅ A profitable investment?
✅ A business that fits your lifestyle & skill set?
✅ A turnkey operation or something to scale & grow?

Tell us what you’re looking for, and we’ll find the best match for you.

Step 2: Explore exclusive opportunities

We’ll connect you with businesses that fit your criteria, including off-market listings that aren’t publicly advertised.

Step 3: Conduct due diligence

We help you review:
✅ Financial records & profitability
✅ Industry trends & competition
✅ Business operations & staffing
✅ Growth potential & risks

Step 4: Negotiate the best deal

Our expert brokers work to secure the best price and terms, ensuring a smooth and secure transaction.

Step 5: Settlement & ownership transfer

We coordinate with legal and financial professionals to ensure a seamless transition into your new business.


Buying a business checklistbe ready to act!

Know your financial position

Bank loan requirements:

  • Independent businesses – Expect to contribute 50%+ cash; banks generally don’t lend against goodwill.
  • Approved franchises30%-40%+ cash contribution, with balance secured against goodwill.
    Working Capital – Ensure 3-6 months of operating expenses.
    Rental Bond – Budget for upfront lease payments.
    Transfer Duty – Use the Transfer Duty Estimator to calculate costs.

Prepare for a smooth purchase

Legal & Financial Team – Decide whether to hire a Business Conveyancer/Solicitor & Accountant or self-act.
Insurance – Arrange business insurance, public liability & work cover.
Business Entity & GST Registration – Your purchasing entity must be GST-registered to avoid paying GST on the sale.
Business Plan & Financial Proof – Lenders & landlords may require:
✔ Business Plan 📊
✔ Cash Flow Budget 💵
✔ Resume & Business References 📑

Be Ready to Sign

If you’re travelling, appoint a Power of Attorney to avoid delays in Contract signing.


FAQ

Is transfer duty (stamp duty) payable when buying a business?

Yes. In Queensland, transfer duty may apply depending on what is being purchased.
While goodwill alone is generally not dutiable, plant and equipment, stock, and property sales can attract transfer duty. Your solicitor or accountant will confirm duty exposure before contracts are finalised.

Do I need a solicitor when buying a business?

Legally, no when it comes to buying a business. However we strongly encourage engaging a business acquisition solicitor (also known as a Business Conveyancor) in the following circumstances:

  • you don’t understand the Contract of Sale or Purchase Agreement
  • you require more complex terms and conditions to the Standard Contract of Sale
  • you require a Share Sale (as opposed to an Asset Sale)
  • you need a Power of Attorney (due to travel during the purchase)

The only mandatory scenario where you will need a solicitor is if you buy a business that operates from a retail premise. In this case, you will need a solicitor to sign off on a “Legal Advice Report” before you can enter into a retail shop lease (requirement under the Retail Shop Leases Act 1994).

Do I need an accountant before buying a business?

Legally, no when it comes to purchasing a business. However we strongly recommend engaging an accountant in the following circumstances:

  • you don’t understand your financial obligations
  • you don’t understand the financials
  • want to establish a buying entity
  • ensure you are properly registered for GST if purchasing a business as a Going Concern

The only mandatory scenario where you will need an accountant is if you buy a business that operates from a retail premise. In this case, you will need an accountant to sign off on a “Financial Advice Report” before you can enter into a retail shop lease (requirement under the Retail Shop Leases Act 1994).

Can contract terms be changed after signing?

Yes — but only by written agreement of both parties which can be via email or text. However, if the Buying Entity changes then a Deed of Rescission AND a new Contract of Sale must be executed simultaneously to avoid paying double Transfer Duty (previously known as Stamp Duty).

Is there a cooling-off period when buying a business?

No. Business sales do not have a statutory cooling-off period. However, Contracts of Sale typically include “exit clauses” which can include but not limited to satisfactory due diligence, finance, and/or lease, which allow the buyer to terminate the contract with a refundable deposit if conditions are not satisfied within the agreed timeframe.

Is a deposit mandatory?

No, however it is a gesture of good faith.

How much is the deposit, and when is it paid?

Deposits are usually 10% of the Total Purchase Price and must be paid upon Date of Contract (if following the REIQ QLD Standard Contract of Sale) – so you should allow sufficient time for the funds to clear. The deposit is held in a Statutory Trust Account and is refundable if the buyer exits under a valid contract condition (such as due diligence or finance). Once the contract becomes unconditional, the deposit is generally non-refundable.

Is GST payable on the purchase price?

No GST is payable if the sale qualifies as a Going Concern, which is common in business sales. Both buyer and seller must be registered for GST, and the contract must specify this correctly. Your accountant and solicitor will confirm whether GST applies in your specific transaction.

Can lease terms be renegotiated as part of the purchase?

Yes. Many buyers negotiate:

  • Lease extensions
  • Rent reviews
  • Rent-free periods
  • Assignment conditions

Most buyers enter this phase once they have satisfied themselves of Due Diligence and Finance requirements however, if there is a Retail Shop Lease involved, buyers should immediately complete the “Lessee Disclosure Statement” and provide this to the Lessor at least 7 days before they can enter into a Retail Shop Lease (section 22A Retail Shop Leases Act 1994). Do this first so, by the time you complete Due Diligence and Finance, you’ll be able to jump straight into negotiating the lease and not delay settlement.

Will I meet key staff, suppliers, or clients before settlement?

This depends on confidentiality and risk. Typically:

  • Key Staff are introduced once the Contract is unconditional
  • Key suppliers or clients may be disclosed selectively but generally not until after settlement.

Premature disclosure can de-stabilise the business, so introductions must be carefully managed.

What happens if key information doesn’t check out during due diligence?

If issues are identified during due diligence, buyers can:

  • Renegotiate price or terms
  • Request additional protections
  • Terminate the Contract under the due diligence clause

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