Buying a Business

Find out how to go about buying an established business in Australia...

It may be better to buy an established business than to start a business from scratch, as it gives you an immediate client/customer base and cash flow. However, you must thoroughly investigate the financial status, turnover and value of a business (always obtain an independent valuation). It's important to engage an accountant and lawyer at the earliest opportunity. A lawyer should be acting solely for you and not for any other parties in a transaction, and shouldn't be receiving commission from anyone involved.

Businesses for sale are advertised in specialist magazines, for example Business for Sale directory and some daily newspapers. There are also business migration agents in Australia and overseas who can help you buy a company in Australia, although their fees can be high. The purchase of a business must be conditional on obtaining licences, loans and other necessary funding, permits, visas and anything else that is vital to its success.

Extract from Living and Working in Australia (7th Edition - 2010) David Hampshire (Available as eBook or order from Amazon) Published by Survival Books Ltd, Survival Books Copyright © Survival Books Ltd All Rights Reserved