The checklist is one of the longest – as you’d expect, there is more to it, and many mor opportunities (and pitfalls, unfortunately) when you purchase an existing Business. This checklist is based on our experience in seeking finance in particular, but also just making sure that our Clients go into potential deals to buy their businesses with their “eyes wide open”, fully aware of all the questions and areas they need to investigate. This checklist goes beyond “due diligence” that you might find from your Accountant or Solicitor – and also introduced many aspects such as how the prospective vendor of the Business has under-estimated the market, or even got it wrong.

This checklist will guide you through the essential steps to ensure a smooth and successful acquisition.

Overview; everything you need to know before buying an existing Business

To successfully buy an existing business in Australia, follow this buying an existing business – checklist:

• Create a comprehensive business plan, focusing on developing a business plan.
• Define your goals and criteria.
• Assemble your professional team.
• Find the right business.
• Conduct an initial assessment.
• Perform due diligence.
• Secure financing.
• Meet all legal requirements, including business registration, tax compliance, and WHS regulations.
• Develop a transition plan.

Conclusion

By downloading this business checklist and focusing on creating your own business plan, you’ll be well prepared to approach lenders and increase your chances of securing the necessary funding for your Business.