Tips to find the Best Businesses for Sale in Victoria
Tips to find the Best Businesses for Sale in Victoria
Building a business from scratch is no easy task. There are a zillion things to take care of – right from researching the market, to registering your business and applying for the required licenses, to creating a business plan, scouting for the right locations, setting up your office space, hiring the right resources and much more. On the contrary, buying an existing business for sale in Victoria offers many benefits in comparison.
Apart from having most of the above basics taken care of, an existing business would also give you the advantage of having some structure, brand equity and regular customers right at the onset. This would of course translate into having a ready source of income. Moreover, a known performance track record and business viability would give you a good indicator about your future income. Add to this the challenge and rush of taking an existing business to newer heights, and you have a heady mix of pros that tilt the scales towards this option.
5 ways to find the best business to purchase
1. Scour online and offline platforms
There are so many reputable online platforms available, which have a large number of listings of businesses for sale in Victoria. You could also come across adverts in the local newspaper classifieds. Browsing through these will not only give you a very good sense of available businesses that you could invest in, but will also give you most of the basic information such as the cost of the business, location and the like, with minimal effort.
2. Speak with local businesses
You will rarely find a small business that will advertise being available for sale. There could be many reasons for this, one of them being that they would not want to create any wrong notion about their business amongst their customers and peers. But making a few calls around might not only help you get a better sense of the market, but could also throw up leads of businesses on sale that you could follow up on. This is also an excellent opportunity to build your business network.
3. Do a thorough review
While most of the sites will have verified listings, it is still important to do a very thorough review of all the shortlisted businesses. This entails looking at the registration, partnership agreements, council permits, tax history, litigation history and most importantly, financial records. Ascertain the assets that would be included in the sale, so that there is no ambiguity around this.
4. Speak to your accountant
It is always good to have a trusted accountant by your side to help you make financially sound decisions. Your accountant can not only advise you on the budget outlay, but review the financials and do due diligence for any business that you are considering. In case you do end up purchasing the business, your accountant can help you with setting up your business in accordance with applicable regulations.
5. Consult with your solicitor
Buying a business is a complex process involving a plethora of legal aspects – especially since you will be purchasing some business assets as well in the transaction. It isn’t always easy to check the veracity of all the legal documents that a business for sale might present. A business solicitor can help you ensure that everything is in order before you make the final decision.
6. Use an experienced broker
Having a good business broker, with an experienced track record by your side can make the entire process of finding the best business for you a lot smoother. Not only will your broker have access to good deals in the market, but can also encourage inspections to view the business, help you in negotiations, connect you with the other resources and professionals that can help you along the way, and assist you in closing the transaction. All of these services make sure that you get the most value for the commission that you would eventually pay.
Absolute Business Brokers has a team of experienced and passionate brokers, skilled in scouting for the best deals, and guiding interested buyers throughout the process. We take care to find you a good fit for your vision and aspirations. If you want to kick start you entrepreneurial journey, we invite you to have a conversation with our experts.