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BUYING A BUSINESS – CHECKLIST
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.
Click here to view Businesses for Sale.
Click here to view Contract – Standard Conditions of Sale
Click here to submit Offer to Purchase a Business