Buying a business can be a challenging task. It is very important to find a business that fit your needs, wants, experience, skills and lifestyle. Finding a perfect business is rare, however, our experienced brokers will use their professional knowledge to find the most suitable business for you.
What type of business should you search for?
As a buyer you should know the purpose of buying a business, if the business is towards achieving your goal , and using your talent and skills to make your dream come true. Will the business generate sufficient profit? How you can improve it and make it more profitable, do you have sufficient funds to purchase the business?
Why should I buy a business instead of staring a new one?
An existing business has already built a stable customer database and you will gain experience and specific intricacies from the current owner to run the business in a most cost – effective way.
What a business broker can do for you?
An experienced professional business broker can help you in searching for the most suitable business and guide you through the whole buying process. They can advise you of current market trends and advise of a fair market price, as well as providing guidance and pointing you in the right direction at each stage of the buying process.
It’s important for a buyer to obtain detailed facts such as:
1. What’s the business turn over in the past few years?
2. Can the seller provide supporting document such as BAS, Profit and Loss
3. What is the rent? How long is the lease?
4. What Plant & Equipment is included in the purchase price?
5. History of the business? How long under the current owner?
6. Reason for sale.
Inspection of the Business
To inspect the business location both inside and outside and see the customer trends before talking to the owner, so you don’t waste your time if you don’t like the location.
We will make an appointment for you to meet the owner to clear all of the questions.
Making an offer
After all questions have been cleared, it’s time to make an offer. The main purpose of making an offer is to confirm with the seller that if the seller accepts the price and the terms. Remember your offer is subject to verification of information that the seller provided to you. The next step is do due diligence check, either by yourself or by using an accountant.
After a buyer and a seller sign their signature on a business contract, within 24 hours you are required to pay 5%-10% of selling price to commit that you are willing to investigate the business. The benefit of paying deposit on time is to guarantee a chance for yourself to buy the business, so that the seller can not talk to any other buyers until completion of your purchasing process.
What makes your business successful?
Serveral factors can make your business successful. For example, having sufficient capital to purchase and upgrade the business, having great customer service, and of course, working hard and being smart!