I know of someone, who bought a business in Bunbury some 9 years ago. It was a very simple process, done on a handshake mostly, with little intervention or cost from lawyers and conveyance companies. When she sold the business, she put a notice in the window and through another handshake, money paid, a form signed, the deal was done. Her lawyer at the time was quite astounded that this was all done on a handshake and trust. Now I am not advocating this is in the best interest of anyone buying a business, or indeed selling a business. She was exceptionally fortunate in that she was dealing with sellers and buyers of similar integrity. And let’s face it, if anything had gone awry, it could have cost her dearly.
Buying or selling a business can be a stressful process involving personal emotions, the current state of the economy, and well-planned timing. That is why knowing how to navigate your way from the initial decision, all the way to the closing transaction is essential. Often the best way to increase a business’s chance of a good outcome in either buying or selling is by arming oneself with the right information.
Whether you are thinking about buying or selling your business, or you would like to have some sort of feel for what your business might be really worth, we have teamed up with Kingsley Smith from RSM to present a seminar on this very subject, on Tuesday 16th Feb from 5:30pm – 7:30pm
Topics covered will include:
- What sort of return on my capital should I expect from buying a small business and conversely what sort of price might that equate too?
- Find out about the urban myth of “one out of every 3 businesses goes broke….”
- What are the features of a valuable and very sale-able business?
- What are the tax consequences of selling a business? Is it true they can be sold capital gains tax free?
- What is Due Diligence? What does an accountant conducting due diligence on a business for me look for?
- What are the biggest mistakes a buyer or seller of a small business can make?
- What is the best structure to buy a business in?
What else should I be concerned about if buying a business with family or friends?
- What do banks look for when lending to someone buying a business?