If you’ve been looking into purchasing a business, then you’re likely aware of the challenges and difficulties involved. This process can be quite difficult to navigate, especially if you have little to no experience in facilitating a purchase. However, it doesn’t always have to be difficult. One way to make the process easier is by working with the right people. To help you through this process, we thought it would be useful to put together an article detailing what you’ll need to ensure that the business purchase goes smoothly. If this is something that you’re interested in learning more about, read on as we list down the three professionals that you need whenever you’re purchasing a business.
A good accountant will be there throughout the purchase process to provide you with assistance. Accountants can provide you with a wide range of services such as:
- Financial planning to ensure the sale is well within your budget
- Implementing tax management strategies
- Protecting your assets
- Providing accurate valuation of assets, goodwill, and potential profit of the business
- Reviewing the vendor’s profit and loss statements
- Budgeting and forecasting for the purchase
- Comprehensive business planning
- Finding finance options for the purchase of the business
When hiring an accountant, you’ll want to make sure that you work with one that’s experienced in assisting with business purchases. Doing this will allow you to maximise your resources during the sale.
If you are considering purchasing a business, one of the first people you will see is a business broker. Brokers assist in finding a buyer for the business and try to get the sale across the line, which means they usually have an interest in maximising the purchase price. Because their goal is to get the sale closed, they will try to persuade you to accept terms that favour the seller. However, keep in mind that brokers have specialised knowledge of the market and can help you figure out what to ask for in your proposal.
When purchasing a business, it’s essential to have a lawyer experienced in business sales and purchases around to help with the legal aspects. They will advise you on the best way to handle the purchase process and help you make smart decisions throughout the entire process. Lawyers can help you with a slew of different things such as:
- Due diligence
- Reviewing the heads of agreement
- Reviewing the sale of business agreement
- Providing legal advice about the terms of sale
- Helping with managing the risks involved
- Ensuring that all parties are compliant with the obligations of sale
- Negotiating terms on your party’s behalf
- Assisting in the exchange of contracts
- Finalising the settlement and purchase of the business
We hope this article proves to be useful when it comes to helping you navigate the process of buying a business. While the process may seem daunting, it should be fairly manageable as long as you work with the right people. Be sure to keep everything that you learned here in mind so that you can make the most informed decisions for your business.
Do you need assistance with business sales? Bickell and Mackenzie is a family-owned law firm based in the Redlands area. We specialise in conveyancing and have several conveyancing lawyers ready to represent and help clients in need. However, we also handle usual concerns like notary public services as most firms do. Contact us today, and let’s discuss matters.