"Buying a Business isn’t always as easy as it seems" Article by Tina Zawila

At Sothertons Gladstone, I am astounded how often we meet new business owners who have already purchased a business without seeking any advice before signing the contract and sealing the deal.  To be fair, sometimes they do at least call the office to ask "how much is a one-hour appointment to look over the figures of a business I am buying next week?". 

Seriously, buying a business is one of the biggest financial and lifestyle decisions you will make in your lifetime, surely it's worth seeking professional advice before investing?

Misunderstood contracts, incorrect structuring, inflated valuations, inappropriate finance arrangements and under-funded start up capital are just some of the issues we have to attempt to overcome after the deal is done. All of these issues could have been avoided or improved, if proper due diligence and advice was sought prior to settlement.

So if you are considering buying a business here are the first steps to put on your to-do list:

• Talk to an experienced business advisor
• Talk to your bank manager
• Talk to your solicitor

Remember, these professionals are here to help you appreciate the issues and help you make an informed judgement as to whether or not to proceed.  At Sothertons Gladstone, we have assisted many clients though this process previously and we would like you to benefit from our experience.

We will help you make a good business decision, not an emotional one.  As one of the original American oil tycoons, J D Rockefeller once said, "Some of the best business deals I ever did were the ones I walked away from."

If you have already done the deal, it’s not too late, but for some issues time is of the essence, so make sure you find a trusted advisor sooner rather than later.  Don’t wait for “tax time”!

Call us now on 07 4972 1300 if you are considering buying a business, or are a new business owner, we would be happy to help you achieve your business and lifestyle goals.