Buying a Business
Are you looking at buying a business?
The reality is that many Australian’s, at some point in their lives, will consider buying a business. So let us ask you a question…
Have you ever bought a house without having a ‘building & pest’ done? Or bought a second hand car without getting your trusty mechanic to check it out first?
We know we haven’t.
Given what’s at stake, it sounds absurd to pay someone for their business without doing the diligence, knowing the numbers and asking the right questions first.
We’ll help you ask and answer the following:
- Due diligence
- Are you getting what you’re paying for?
- Is what your paying for today still going to be the same when you take over tomorrow?
- What areas of the business can be improved?
- Is what the buyer asking for reasonable?
- Budgeting and cash flow analysis
- What will your costs be?
- Where can you make improvements on the existing business?
- How much money will you need to make to pay the bills and keep food on the table?
- How will you know if your going well, going badly, or barely going at all?
- Record keeping
- Believe us, getting this right in the first 6 months of taking over a business can be the difference between boom or bust – you need to know what’s going on from day dot.
- Poor records are generally a reflection of a poorly run business. We know what to ask for, and a good at picking when things don’t add up.
Meet Peter & Sandy, owners & directors of Red Hill Garden Centre:
“When we bought Red Hill Garden Centre back in 2014, the staff at LBW Advisory were fantastic. They highlighted issues with the existing business, and made us think of things that we would not have otherwise considered. We couldn’t have been happier with the assistance we got during the process and the continued support almost 4 years on!”
Book an appointment today if you need a hand with your new business purchase.