Are you thinking of buying or starting a new business?
Do you want to avoid the hidden traps that can potentially cost you hundreds of thousands of dollars?
Get a FREE 30-minute consultation before starting or buying a business to learn some of the proven tips and step-by-step strategies to help you on your new business journey.
Some of the important points covered are:
- The due diligence checklist
- Questions you must ask yourself before starting or buying a business
- How to research the industry, the rules, and regulations
- How to read and understand the “financial numbers”
Here is a sample checklist for buying an existing business:
- Why is the business being sold?
- Copies of the Business Tax Returns for the last 3 years
- Copies of complete Financial Statements for the last 3 years
- Copies of the business activity statements for the last 3 years
- List and the current market value of Assets being sold with the business
- Current accounts Receivable & Payable reports
- Client/customer overview and percentage of the business they represent
- List of Employees current and past and Payroll Records
- Copies of all current franchise agreements, licenses, loans, contracts, and agreements
- Current Copy of the lease if applicable
- Copy of the current and complete Supplier List (must review Contracts & Relationships)
- Copy of All Contracts, including phones, computers, vehicles, equipment, advertising, etc.
- Details of all current marketing and advertising
- Copy of the Operations Manual and their Business Plan
- The income breakdown e.g., products, services, other passive income, etc
- Compare turnovers & net profits from year to year and look for any substantial variations!
Call us on 07-3286 2407 for a FREE 30-minute consultation and enjoy a successful new business journey.