Broadwalk Business Brokers specialise in selling Australian Businesses such as small to large general Businesses, Caravan Parks, Motels, Hotels, Management Rights Plus Commercial and Industrial properties.
So You Want to Buy a Business...
Buying a business is a major decision. It will not only affect you financially, but it is also, and, perhaps more importantly, a lifestyle decision. How you live your life is shaped and influenced by what you do for a living.
If you have decided that now may be an opportune time to consider going into business for yourself, working with a business agent can provide you with the professional assistance necessary for a smooth and successful transaction.
Why Should I Use a Business Broker?
A professional business broker can be helpful in many ways. They can provide you with a selection of different and, in many cases, unique businesses, including many that you would not be able to find on your own. Approximately 90 percent of those who buy businesses end up with something completely different from the business that they first inquired about. Business broker can offer you a wide variety of businesses to look at and consider.
Business broker are also an excellent source of information about small business and the business buying process. They are familiar with the market and can advise you about trends, pricing and what is happening locally. Your business broker will handle all the details of the business sale and will do everything possible to guide you in the right direction, including, if necessary, consulting other professionals who may be able to assist you.
What Should I Look For?
Obviously, you want to consider only those businesses that you would feel comfortable owning and operating. "Pride of Ownership" is an important ingredient for success. You also want to consider only those businesses that you can afford with the cash you have available. In addition, the business you buy must be able to supply you with enough income - after making payments on it - to pay your bills.
However, you should look at a business with an eye toward what you can do with it - how you can improve it and make it more productive and profitable.
What Happens When I Find a Business I Want to Buy?
When you find a business, the business broker will be able to answer many of your questions immediately or will research them for you.
Once you get your preliminary questions answered, the typical next step is for the agent to prepare an offer based on the price and terms you feel are appropriate. This offer will generally be subject to your approval of the actual books and records supporting the figures that have been supplied to you. The main purpose of the offer is to see if the seller is willing to accept the price and terms you offered. There isn't much point in continuing if you and the seller can't get together on price and terms.
The offer is then presented to the seller who can approve it, reject it, or counter it with his or her own offer. You, obviously, have the decision of accepting the counter proposal from the seller or rejecting it and going on to consider other businesses.
If you and the seller agree on the price and terms, the next step is for you to do your "due diligence." The burden is on you - the buyer - no one else. You may choose to bring in other outside advisors or to do it on your own - the choice is yours.
Once you have checked and approved those areas of concern, the sales documents can be prepared, and your purchase of the business can be successfully closed.
