| So now its time to take that big plunge
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| | bad accountants just like there are good
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| and be your own boss. Where will I start?
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| | and bad brokers. It's important to check
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| What do I look for? And for that matter
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| | the licenses of all your professional
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| what business will I buy? Will I
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| | people. Find out how long they have been
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| relocate? Can I get finance? Who do I go
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| | in the profession and their experience in
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| to for the right advise?These are just a
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| | that field before engaging them.We work
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| few of the concerns when you decide on
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| | with both the accountants while selling
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| buying a business and believe me its not
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| | the business and are more than happy to
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| an easy road ahead, but with the right
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| | answer all questions relating to the
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| advise and the right business for you
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| | business in question. We will also
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| there are rewards unlimited to help you
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| | arrange appointments for your accountant
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| on the way to building a bank and a good
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| | to speech with the vendor's accountant if
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| quality of life. This article will help
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| | required.It's always wise to stay with
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| you all the way.Important Points when
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| | the accountant who handles the business
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| Buying a BusinessEvery day I receive
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| | you are purchasing, that's if he is a
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| emails from purchasers and business
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| | helpful accountant, if he knows that
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| owners needing assistance in selling or
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| | business well. It's a big plus to
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| buying. I use my many years of experience
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| | continue on with him, after all he is the
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| in business sales and running a chain of
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| | one that will advise you when you are
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| shops to assist them in the right
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| | ready to sell.Many people use more than
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| decision for them. It's a bit like a
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| | one accountant today. I find a good
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| psychologist really. Its just not a sale
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| | accountant who knows a business well is a
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| for me, it's a dedication.The first thing
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| | must to stick with it till the end. I
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| to remember is you must get it right the
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| | have dealt will some excellent
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| first time because the business you buy
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| | accountants. Two that come to mind are in
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| you should be in for at least 4 to 7
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| | my local town and are as good as any on
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| years. I advise my vendors and purchasers
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| | this planet they are dedicated to their
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| to give yourself a 4 year plan. You may
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| | clients and have help me evenly
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| love the business so much you want to
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| | throughout my last two sales (MCW
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| stay longer but the majority of people
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| | Accounting Tumut, Paisley's Accounting
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| are burnt out after 4 years and are
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| | Tumut and Steven Walker & C.O Tumut)
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| looking for a change, especially if it's
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| | These accountants are totally dedicated
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| a café or restaurant, and if you feel
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| | to their client's businesses and have
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| it's wearing you down the business will
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| | enhanced the sale of two of the best
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| suffer if you don't sell then and of
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| | businesses in town by showing truthful
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| course you won't achieve a good price if
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| | and accurate accounting.Your Business
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| the business is run down.Finding a
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| | BrokerAs Brokers we will supply your
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| Business!I find in my business newspaper
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| | accountant a profile on the business so
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| advertising brings me very little sales.
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| | its easy for him to understand. Always
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| My statistics tell me a genuine purchaser
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| | insist on a profile when looking at a
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| will go to the search engines to find a
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| | business. This will give you all the
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| broker and scan the listings. We do use
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| | information you need to convince you this
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| the papers to get our website name out
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| | is the right business for you. It will
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| there and this works to our advantage far
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| | include all the statistics of the
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| more than a long expensive add that lasts
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| | business and a good breakdown of the
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| one day. Our site is the most valuable
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| | figures the reasons for the sale price,
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| tool we have and our journal Best
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| | etc.Your broker may ask you to sign a
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| Business Buys gives you months of good
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| | confidentiality agreement. This is
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| reading to give a purchaser information
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| | essential to protect the vendor under the
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| on how to buy and where. So scan the net
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| | confidentiality act. Sign it and send it
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| under search engines business brokers, if
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| | back ASAP. It does not commit you to
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| you can not find a business on our site
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| | buying the business. It is a mandatory
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| there are other brokers listed that may
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| | requirement before you look over the
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| be of assistance to you. Or better still
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| | figures. You will find your broker will
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| tell us what you want and we will go find
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| | not send you figures if you don't sign.If
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| it for you!
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| | you have made your decision to buy the
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| Anywhere in Australia.Problems with
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| | business be sure you are proceeding
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| Newspaper AdvertsYou will often see a
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| | before you commit! Put in an offer only
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| private add in the paper and you may
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| | when you are ready to proceed. Is this is
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| think this is great, we will cut out the
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| | the business for you can you see yourself
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| agent and get the business cheaper.DON'T
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| | in for the next few years? Is the family
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| BE FOOLED!Now I am not saying all private
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| | happy with the move and the change, and
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| adds are no good, some may work out, but
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| | most of all is the business viable for
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| in my experience those people who try to
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| | you?I sold a produce store in Tumut
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| do it themselves do it because they have
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| | recently to a buyer from Magnet Island
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| either been burnt by an agent not
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| | who owned a bed and breakfast (would you
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| servicing their business, so they think
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| | believe), and they are just loving it and
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| they will do it alone, or the profit is
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| | doing very well, so don't be scared to
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| low in the business and they need a quick
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| | take the plunge and move on. Most of our
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| sale, or of course the common one the
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| | buyers are relocating and the stories I
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| agents fee offends the owner and he
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| | have to tell are just amazing!Look around
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| thinks he can do it better himself. Or he
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| | be sure the area is where you see
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| may think the advertising costs to sell
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| | yourself for the next 5 years. If you are
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| his business is less if he dose it
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| | relocating ask your broker to give you
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| himself.WRONG!When you are dealing with a
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| | the statistics on that area, home prices
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| private sale you feel uncomfortable
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| | schools etc.As Brokers and licensed
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| saying what you really think, and
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| | Business agents we pride ourselves on
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| uncomfortable asking certain questions so
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| | relocating people and finding them the
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| as not to offend the owner. With a broker
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| | best business for them, but it's a big
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| you can be open and tell us all your
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| | plus if the buyer has some idea of what
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| concerns. We will work them out with the
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| | he feels comfortable working in, and
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| owner and rectify them if possible. We as
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| | after we produce the information to him
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| the agents should now the business as
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| | and his accountant we expect if all is ok
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| well as the owners, that's our job. I
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| | he will proceed. If you have doubts tell
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| look at a business when I list it as my
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| | your broker. Its unfair to hold up the
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| own and sell it as if it was my own. A
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| | sale for another interested party.You
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| good broker should be there to help you
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| | will then need to sign an offer to
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| with that sale to the end. Too many
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| | purchase the business. We have a standard
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| owners who try to sell themselves end up
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| | offer to purchase, this will give you the
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| in conflict with their buyers.And after a
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| | rights to proceed. The time normally for
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| few months of failures TRYING to qualify
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| | the option is one week from agreeing to
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| buyers he finds out it's not that easy &
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| | proceed and this also takes the business
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| worst of it he has given out his figures
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| | off the market. It includes a deposit
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| all over town for all the clients to see,
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| | normally of 1% of the purchase price.
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| so the business you are looking at has
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| | This deposit is not refundable should you
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| been exposed to untold people who may be
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| | decide to pull out of the sale, unless it
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| using that information to start down the
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| | specifies subject to the reasons why you
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| road.The poor owner ends up coming to us
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| | have pulled out.So do your homework
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| anyway. Remember if you stay with the
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| | first! Be sure your accountant is happy
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| broker handling the sale of the business
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| | with the figures. Your finance is
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| he should be the one to assist you all
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| | approved and you are confident you are
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| the way, and if that business does not
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| | 100% proceeding before you signed on the
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| work out the best for you he most often
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| | dotted line.Your broker will then issue
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| then not will find you another.You Have
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| | sales advice to the Vendors Solicitors
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| Found the Business you Want to Buy!The
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| | with all the conditions included that you
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| first thing you will need is finance. Are
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| | require, such as the lease terms and
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| you already cashed up? Or do you need
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| | training requirements. After they have
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| finance. Are you on a redundancy package?
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| | looked over the advice and done their
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| These are all the questions your broker
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| | investigations for the sale they will
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| should ask before you plunge into a
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| | prepare the contracts and send them to
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| sale.We are financiers and finance most
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| | your Solicitor for exchange of contracts.
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| of the businesses we sell without
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| | You will need then to pay a 10% deposit
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| supplying figures to obtain the loan.
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| | on the business. This is normally
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| Remember the majority of businesses do
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| | arranged by the finance broker, if you
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| not always show the true figures of the
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| | have applied for finance, and can be done
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| business but if you look back at the ad
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| | in a deposit bond or cheque. This is
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| backs of that business the business may
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| | deposited into your agent's trust account
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| be a very viable business. Most
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| | until settlement.You should have a
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| accountants will reduce the net profits
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| | Solicitor picked out before you decide to
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| for a business, so the tax implications
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| | look around so you are confident with him
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| are not so high for that business. If the
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| | when you are ready to proceed.At Arwon
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| adjusted profits are good the business is
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| | Realty we stick tight with the Solicitors
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| saleable and your broker will advise you
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| | through out the sale keeping in contact
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| of this at the time. But never, ever buy
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| | with them throughout the progress all the
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| a business on hearsay of the takings, if
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| | way for a smooth settlement.The contracts
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| its not in BALACK AND WHITE in the
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| | should take no longer than 2 weeks to
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| accountants formatted profit and loss
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| | prepare and when the exchange of contract
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| statement then its not considered
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| | takes place this means you now are
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| saleable. Never buy unseen
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| | totally committed to purchase this
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| profits.Business FinanceFor finance to
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| | business. Any problems should be sorted
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| buy the business you will need to
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| | out between the two solicitors in this
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| complete an application. This way you
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| | time.The contracts are exchanged between
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| will know how much you can afford to
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| | the two solicitors and settlement should
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| borrow on the business you are looking
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| | take place in the next 2 - 4 weeks.
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| at. Not all Brokers are financiers! We
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| | Business sales are always longer than the
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| are and sell businesses because of it. We
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| | normal residential sales as the
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| use a financier who lends without looking
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| | solicitors are responsible to see you
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| at the figures of the business you are
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| | have a new or exchanged lease for the
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| about to buy. But with other institutions
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| | business. If the property is included in
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| such as banks or private lenders you will
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| | the sale a 149 certificate (zoning and
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| need the following.We will arrange
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| | compliance certificate) must be sort by
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| finance for you without an up front fee.
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| | the council to check out the compliances
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| Most finance brokers charge a fee of
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| | with council this take longer than
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| between $3,000 &$ 6,000 to get you your
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| | normal.Before settlement you have 2 weeks
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| finance. We at Arwon Realty do this FREE
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| | prior and 2 weeks after settlement for
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| because we are paid on settlement to sell
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| | training. Your vendor must give you this
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| the business by our vendors (owners). It
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| | time to help you understand the running
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| is in our best interest to get the
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| | of the business. We advise the training
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| finance for our buyers so we in turn can
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| | is done after settlement so both parties
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| get the business sold, and therefore
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| | are not showing their nervousness while
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| offer a better service to our vendors
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| | running the business. This could cause
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| when listing their business. We finance
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| | the customers to feel a little uneasy.We
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| 90% of all business sold!What will I need
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| | advise our vendors not to inform the
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| to supply to my Finance Broker?- Profit
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| | staff of the sale until exchange of
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| and loss statements of the business you
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| | contract for the same reasons. Your
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| are purchasing- Bank statements for your
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| | finance must be in the solicitor's office
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| own personal accounts.- Pay slips of your
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| | 48 hours before settlement for a smooth
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| current employment or if self employed a
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| | transaction. Your agent will hold the
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| profit and loss statement for the past
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| | deposit of the business 10% on exchange
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| three years of trading- Mortgage
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| | of contract and this will be in her trust
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| documents for your existing home or
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| | account until she receives an order on
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| properties
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| | the agent from the solicitors on both
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| or sales contracts for freehold you hold
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| | sides.Settlement Day!We will be there
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| in your and your partner's name.-
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| | with you for the stocktake. Now some
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| Personal information, date of birth or
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| | businesses advertise their business WIWO.
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| passport (photo copy of drivers license)-
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| | That means whatever the stock is in the
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| CRA credit check (you can do this
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| | business when you take over is yours and
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| yourself for a cost of $29.00)- The rates
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| | we don't count the costs of the stock on
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| notice of the homes in your name-
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| | settlement. If the add states + stock
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| Liability and asset declaration.- The
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| | then we have to stocktake before
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| amount you needed to borrow (You must
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| | settlement and this is done before mostly
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| include the cost of solicitors for advise
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| | the evening before, after close of the
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| and contracts.)Accountants advise: Do it!
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| | till, with both present and an
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| That way you know you are covered. I have
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| | independent person to help with the
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| lost many sales from Accountants advising
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| | stocktake.So now you are the proud owner
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| their clients not to buy and seen many
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| | of a business that should if your broker
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| unhappy buyers loosing out on a sale
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| | has worked for you be the best asset you
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| because an account has breezed over the
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| | now have and we wish you all the very
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| figures and said no don't buy! But at
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| | best of luck and look forward to the day
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| least if you do take the plunge and buy
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| | we can asset you in selling for a higher
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| anyway after you have had that advise you
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| | profit!Cathryn Austin is Principal
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| are assured you did get advice if
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| | Licensee of Arwon Realty - Property
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| something does go wrong. After all your
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| | Business and Finance Brokers, Business,
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| accountant is paid to look after you and
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| | Real-estate & Stock and Station Agents,
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| professional accountants will ring us or
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| | and owner of Australian Businesses for
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| the vendor's accountant to get the full
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| | Sale.
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| story of the business!There are good and
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