Frequently Asked Questions – Buying
Q: What are the key motivators for people going into business for themselves?
A: Before making a decision to purchase a business, a buyer should understand their objectives to make sure they can be met by purchasing a particular business. Here is a list of motivators:
- To control my own future
- To take advantage of my skills and abilities
- To make money
Q: How do I finance the purchase of a business?
A: The staff in most bank branches aren’t aware of all the finance options available to you, so it’s usually best to have a commercial finance broker act on your behalf. The ideal situation is for your new business to borrow the money, and your new business to make the loan repayments from the profits. Then in the end, you own the entire business and when you sell it you get the lump-sum amount.
Q: How do I find the right business to buy?
A: Our brokers offer a one-on-one consultation and will:
- Sit down with you and clarify your needs
- Help you narrow down a short list of good businesses that suit your goals
- Assist and advise you with your research and investigation
- Recommend experts in law, business accounting, and finance
Q: What is due diligence?
A: Due diligence is a systematic process for acquiring and analysing information to help a buyer determine whether or not to proceed with a proposed business transaction. We provide a customised Business Profile Document and Due Diligence Package. These documents act as a business tool, which can be taken to the buyer’s accountant for due diligence and bank for finance.
Q: I’ve found a business that I want to buy, now what?
A: Contact one of our business sale brokers. Our expertise on a daily basis is dealing with people buying and selling business for years. With our assistance, you can be confident in the knowledge that you’ve got an independent professional guiding you through every step of the buying process.