Be Ready to Act Quickly!
Buying a Business
Whether or not you’re looking to buy a business to own and operate, bolt-on to an existing business, or generate passive income as an investment business, our experienced Business Brokers will be delighted to help match you with the most sensible fit. We have a multilingual team fluent in Philippino, Thai, Japanese, Cantonese, Mandarin, Indian, Hindi and Punjabi so let’s get creative and bounce some ideas around!
If you’re not ready to speak with us why not follow our listings on Facebook and contact us when you’re ready.
To follow us on Facebook click HERE.
When you think you’ve found the right business – don’t hesitate, don’t wait for the next best opportunity – be ready to buy! For the right price, it’s worth taking the business off the market and conducting due diligence at your own pace, exclusively, without being trumped by another buyer, and getting full access to information. If things don’t work out, you’ve lost nothing but time (if self-acting) – that’s better than missing out on a golden opportunity altogether!
BE READY TO ACT QUICKLY!
- Know how much money you really need:
- Bank Loan requirements (independent business): Cash contribution 50% or more, plus 50% equity*. Banks will not generally lend against goodwill.
- Bank Loan requirements (approved franchises): Cash contribution 30% to 40% or more, plus balance approved against the goodwill*.
- Working Capital requirements: how much money you will need to run the business for at least 3 to 6 months depending on the business
- Payment of Rental Bond (for Leases)
- Payment of Transfer Duty (click HERE to view Transfer Duty Estimator)
- Business Conveyancor or Solicitor (optional…you may elect to self-act)
- Accountant (optional…you may elect to self-act)
- Insurance (including business insurance, public liability and work cover)
- Know what Entity Name you wish to purchase the business in and make sure it is registered for GST (the entity purchasing the business must be registered for GST for the sale of a going concern and avoid payment of GST on the sale).
- Decide whether you wish to appoint a Business Conveyancing Solicitor or self-act. If appointing a solicitor, make sure they are personally available for the entire duration of the Contract of Sale and are experienced in business sales conveyancing.
- Decide whether you wish to appoint an Accountant or self-act to set-up the required buying entity and/or conduct financial due diligence. If appointing an Accountant, make sure they are personally available for the entire duration of the Contract of Sale and understand the nature of the business you are buying.
- Have your Business Plan, Cash Flow Budget, Resume and Business References prepared. The lenders and landlord (if applicable) will want to see that you are a low risk investment with financial capacity to make the payments.
- Be physically and emotionally ready to sign a Contract of Sale. If you’re going to be away, prepare a Power of Attorney if you’re unable to receive, sign and send documents.
* Subject to individual circumstances. Buyers should conduct their own investigations and seek their own professional advice.
The Buying Process
You will need to sign one before we can provide further information.
Click here to complete Agreement
|Access to Information|
A discussion with one of our Agents should follow along with access to a censored copy of the Business Profile containing financials if applicable.
|Inspection & Interview|
A confidential meeting with the Owner may be facilitated with one of our Agents via face-to-face or video-chat via Zoom.
Click here to Download the Free App.
|Offer to Purchase|
Once you are satisfied, you should make an offer setting out the essential terms including any finance or due diligence to verify the information.
Click here to submit Offer
|Contract of Sale|
Once you have an agreement in principle with the Owner, we can draw up a Contract of Sale ready to sign and a 10% deposit will be required into our Trust Account. It is advised you appoint a Business Conveyancing Solicitor to assist you at this point.
|Settlement & Possession|
Once all the conditions of the Contract of Sale have been satisfied we can move to arranging for Settlement. If you are not satisfied with any of the conditions of the Contract then it may be terminated and deposit refunded.
Click here to view Businesses for Sale.
Click here to view Contract – Standard Conditions of Sale
Hands down it doesn’t get much better than speaking with a Gold Coast Business Broker expert today and discover how we can help. Our knowledge spans over 40 years. We live locally on the Gold Coast but we can reach you in person or by phone, email and/or video-call. Ready to find out more? Contact us today and let’s make something awesome together!
Fluent English, Cantonese, Mandarin, Thai
0414 277 422
0459 424 777
0416 013 911
Fluent English, Hindi, Indian, Punjabi
0451 559 383
0425 216 162
0423 161 995