Buying or Selling a Business
Buying a business
Thinking of buying a business? Then make sure you do your due diligence. It’s too late after you have signed the contracts.
Make sure you:
- are getting value for your money
- understand your industry
- recognise industry downturns and viability
- know your competitors and your customers
- review the business reputation / pending litigation
- have the level of knowledge and expertise required for the type of business
- check historical data, financial information and business records
- review conditions in the contract of sale and amend as required prior to signing
- review Sec 52 and its currency
- review leases and assignment of leases
- have your finance and settlement conditions in place
- have arranged for business / company name transfers
- have arranged for method of employee entitlement transfers and payments
- recognise the opportunity cost of your decision to buy
Selling a business
Considering selling your business? It is important that you start the process by getting your business ready for sale:
- timing the sale, market conditions, political environment, economy
- method of sale, total sale, selling share of equity, total sale of your shares
- review what is being sold with the business
- establishing the business value and setting the price
- document business procedures and responsibilities
- preparations of Sec 52, decide on conditions of sale for contract of sale
- gather historical information and records
- selecting a licensed business broker
There are many other considerations that need to be addressed when buying or selling a business. If you are considering purchasing or selling a business contact us for confidential professional advice. We will guide you through the process. Call us (03) 97361877
Get in touch today
email: cm@cmcpaaccounting.com.au
Phone: (03) 9736 1877
43 Wray Crescent, Mt Evelyn Vic. 3796
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