WHY USE A BUSINESS BROKER?……….Selling a business can be a complicated and lengthy process, so it’s a good idea to get professional help. Business brokers are experts in helping their clients to sell businesses and act as intermediaries between buyers and sellers in the sale process. There are many benefits to hiring an experienced business broker, […]
WHY USE A BUSINESS BROKER?……….Selling a business can be a complicated and lengthy process, so it’s a good idea to get professional help.
Business brokers are experts in helping their clients to sell businesses and act as intermediaries between buyers and sellers in the sale process.
There are many benefits to hiring an experienced business broker, as opposed to, say, a real estate agent or going it alone. Here are just some of the perks :
Confidentiality
Brokers will protect the identity of the business and provide information to only pre-qualified buyers who have completed a confidentiality agreement.
Business brokers feel confident and comfortable with requesting the disclosure of a buyer’s financials and are well placed to make decisions about them.
“They can also save you time by screening buyers and deciding who is and isn’t serious.”
Staying focused
The business owner can maintain a focus on running the business while a broker is working on the sale, thereby avoiding the risk of deteriorating the prospects of the enterprise during the sale process.
Expert marketing advice
An experienced business broker will have expert skills in marketing and advertising businesses for sale.
“They will present your business in the best light to maximize the asking price.”
He or she will have an understanding of the key values that buyers are looking for and can assist in identifying changes that can lead to a better financial outcome.
Reaching a wider audience
Business brokers have the tools and resources to reach the largest possible base of buyers. They will usually have a list of contacts who are looking to buy.
Emotional detachment
A broker will remain dispassionate throughout the process and work efficiently towards selling your business without the emotional attachment that you may have, which could lead to bad decisions.
Valuation
Putting a value on a business is far more difficult and complex than valuing, for example, a house. Every business is different, with hundreds of variables that have an impact on the sale price.
Business brokers have access to business transaction databases that can be used as guidelines or reference points.
Negotiation skills
Typically, business brokers have strong negotiation skills.Since the business broker’s sole function is to sell the business, there is a much better chance that a deal will be closed in less time.
“The faster the sale, the lower the risk of employee problems, customer defection and predatory competition.”
Getting the best buyer
When selling your business, you don’t want just any buyer, you want the best buyer. Even if you know what you want from a business sale, you may not get everything you want when making a deal.
A reputable business broker or intermediary will be sure that the right questions are asked to help you organise your thoughts, review your priorities and understand what the market is saying. In the end, you’ll find yourself in a better position to negotiate and close the deal—without sacrificing your goals.
{Source – www.businessesforsale.com}
HOW TO BUY A BUSINESS AND KEEP YOUR NEW EMPLOYEES HAPPY……..Your employees are the lifeblood of your business and a happy workforce is a productive one. Here’s our advice on building strong relationships with your new team. Buy a profitable business and – unlike when starting one from scratch – you’ll have an income from […]
HOW TO BUY A BUSINESS AND KEEP YOUR NEW EMPLOYEES HAPPY……..Your employees are the lifeblood of your business and a happy workforce is a productive one. Here’s our advice on building strong relationships with your new team.
Buy a profitable business and – unlike when starting one from scratch – you’ll have an income from day one.
But you’ll also inherit a workforce – one which you’ve played no part in hiring (again, unlike a start-up).
If this makes you anxious then you can expect apprehension on your new employees’ part too. They’ll be wondering if their jobs are safe, whether their roles will change and how you compare to the previous owner.
Here’s some tips on buying a business and building strong relationships with your new team.
Respect the business’s strengths
Avoid changing things for change’s sake or because you feel compelled to stamp your authority on the business. By all means change things that aren’t working. And identify what the business does well and build on those strengths.
But abandon the processes and products that helped it thrive in the first place and you’ll alienate your new staff.
Assess existing staff
However much you seek to foster a harmonious, rewarding working environment, some staff may simply not feel comfortable with the new regime and the changes you make. Some may leave quickly, solving the problem for you.
Should they stay on, begrudgingly, and resent the business’s new direction, then you may need to take a tough decision. Offering redundancy might be expensive, but it could be a lucrative way out for them and a salve for overall employee morale (though there are, of course, conditions you must meet to make people redundant legally).
Foster a sense of ownership in employees
Building a strong connection between the workforce and the company can ensure that workers recognise they are more than just cogs in the machine.
Engage with staff, seek their views on how best to take the business forward – and heed their advice. This isn’t just an exercise in charming your new employees; after all, having worked there much longer, they will understand the business better than you.
This open engagement should extend beyond the products or services to business practices and policies.
Open two-way communication will flag up issues before they become problems and nip resentments in the bud.
Set expectations
Employees should have a clear understanding of what is expected of them.
To this end, consider introducing a periodic performance review for each individual, if such a system isn’t already in place. The review should assess their performance in reference to meeting pre-established goals – for example, targets for output, sales figures and so on.
Some staff might not like it, but it at least gives them fair chance to rectify any problems and offers the motivation of a clear pathway to promotion and financial rewards.
You should also encourage them to air their own thoughts – positive and negative – about their own progress and that of the company. This gives both parties a chance to improve performance and the employee-employee relationship.
Show appreciation
It’s vital to recognise and reward strong performance. If, say, the company has a good track record for handling enquiries, it’s worth drawing attention to it and identifying those responsible.
Showing appreciation doesn’t just mean material rewards – though some combination of bonuses, pay rises and other perks (such as an extra day’s holiday or gift vouchers) are obviously necessary incentives. Verbal praise is an often underrated form of reward.
The performance reviews offer the ideal framework for judging when recognition and rewards are merited.
Create socialising opportunities
One way of showing appreciation, while also promoting company cohesion, is providing plenty of opportunities for socialising.
Informal get-togethers beyond the pressures of the work environment – and yes, aided sometimes by alcohol – can be enormously helpful in cementing budding friendships and cooling animosities.
{Source – www.businessesforsale.com}
HOW TO BE A SUCCESSFUL CAFE OWNER…………The following article is based on the chapter “attributes of a successful cafe owner” from “The Complete Guide to Buying a Cafe” by cafe expert Craig Reid. Craig’s books are available for purchase via his website www.thecafeninja.com Knowing where your strengths and weaknesses lie is an essential part of running your […]
HOW TO BE A SUCCESSFUL CAFE OWNER…………The following article is based on the chapter “attributes of a successful cafe owner” from “The Complete Guide to Buying a Cafe” by cafe expert Craig Reid.
Craig’s books are available for purchase via his website www.thecafeninja.com
Knowing where your strengths and weaknesses lie is an essential part of running your business, since those facets determine your style of management.
If you are thinking about buying a cafe, there are a number of crucial questions you should ask yourself which can help you to identify the role which would suit you best.
Are you a people person?
A significant part of life in a café revolves around dealing with customers. No matter how good your food is, if you can’t make people feel welcome, they won’t continue to bring you their custom. Equally, if you are unable to cope with the pressures of facing difficult customers, you will be unable to maintain a pleasant atmosphere in the café and your business is likely to suffer.
However, if this aspect worries you, as the owner, you can simply choose a more suitable role; try making the coffee, rather than serving, for example. The important thing is to recruit staff who have the attributes you lack.
Are you well organised and numerate?
Good time-management skills are vital, so you can ensure suppliers and staff are paid in a timely and accurate fashion and appropriate supplies are ordered when necessary, as well as other crucial aspects of a business’ day-to-day running, such as completion of accounts and advertising.
Obviously, to cope with complicated financial issues, your numeracy skills must be of a high standard. If you don’t have sufficient capability, there is plenty of expert assistance available, as long as you recognise the necessity to ask for it.
Are you IT literate?
Whatever level of involvement in the financial dealings of the café you feel able to undertake, you will need a reasonable amount of competency at using IT. Software packages will make life easier for you, if you master their use, and the higher the percentage of the accounts completed by you, the less you will need to rely on your accountant.
This will save you money. Additionally, much of your communication can be carried out more efficiently using the internet, via e-mail and through your website and social media, providing a low-cost additional form of advertising.
Are you physically and mentally strong?
The food industry is a hard taskmaster. You can be certain to spend long hours performing physically demanding activities such as serving customers, cleaning work spaces and organising heavy containers of supplies.
Furthermore, you will need to withstand a considerable amount of stress, most of which relates directly to running a business. In busy times, you will have the stress of providing a good service in a limited time, while quieter periods can bring the stress of lower earnings.
Which role should you take?
By answering these questions honestly, and also by appraising your general skills and preferences, you will gain insight which will equip you to decide what your optimal role would be within the business.
You must assess how much trust you could place in others, for the purpose of delegating, and weigh up the pros and cons of each position. When all is said and done, it is likely that the role you adopt will be the one for which you are most suited.
{Source – www.businessesforsale.com}
WHAT DOES THE FEDERAL BUDGET OFFER SMALL BUSINESSES?…………. The federal budget is finally here and small business is clearly one of the winners, as Small Business Minister Bruce Billson previously predicted . The Abbott government has abandoned many of last year’s cuts in a ‘giveaway’ budget which also champions working families with $3.5bn in childcare […]
WHAT DOES THE FEDERAL BUDGET OFFER SMALL BUSINESSES?…………. The federal budget is finally here and small business is clearly one of the winners, as Small Business Minister Bruce Billson previously predicted .
The Abbott government has abandoned many of last year’s cuts in a ‘giveaway’ budget which also champions working families with $3.5bn in childcare handouts.
Small business, however, was obviously top of the agenda. So what has Treasurer Joe Hockey’s budget offered the sector?
Tax
Prior to the federal budget, there was much speculation as to how much small businesses would benefit.
The final outcome was resolutely positive, with Hockey giving small businesses the ability to claim an immediate 100% deduction of $20,000 tax deduction per item if their turnover is smaller than $2 million.
Hockey claimed that businesses which may previously have been reticent to spend money, now have a ‘trigger’.
‘If you run a cafe it might be new kitchen equipment, or new tables and chairs. If you’re a tradie, it might be new tools or a computer…cars and vans, kitchens or machinery…anything under $20,000 is immediately 100% tax deductible from tonight.’ he said
This deduction also comes in addition to the previously scheduled 1.5% tax cut for incorpoated small businesses.
The total small business-specific package is worth a staggering $5.5 billion and, according to Hockey, 96% of Australia’s businesses will benefit in some way. These moves have eclipsed last year’s decision to scrap Labor’s instant asset write-off provisions.
Other small business breaks:
Start ups – Tax deductions for costs incurred in starting a new business
Unincorporated businesses – Will receive a 5% tax discount of up to $1000 a year
Capital Gains Tax – Rollover relief for restructuring existing business.
Employee share schemes – Employees now no longer have to pay tax on shares until they receive a financial benefit from them
Mobile benefits – Fringe benefits tax on portable electronics devices used for work will end for small businesses from April 1st 2016, where employers use more than one device.
Hockey reiterated the importance of small business, stating that elsewhere they had developed into ‘the great disrupters of the world economy’ and that this should be the opportunity for Australian small businesses to join them.
{Source – www.businessesforsale.com}
WHY SHOULD I BUY A BUSINESS IN 2017?…………….. It’s that time of year for sober resolutions like shedding some pounds, quitting smoking and buying a gym membership with the sincere belief that you’ll get your money’s worth. Returning to the drab reality of our 9-5, many of us also sit at our desk dreaming of […]
WHY SHOULD I BUY A BUSINESS IN 2017?……………..
It’s that time of year for sober resolutions like shedding some pounds, quitting smoking and buying a gym membership with the sincere belief that you’ll get your money’s worth.
Returning to the drab reality of our 9-5, many of us also sit at our desk dreaming of a new career path. So what better New Year’s resolution than to become your own boss?
In recent years it seems a growing number of Australians have done just that. According to the Australian Bureau of Statistics, the entry rate for businesses increased from 11.3 percent between 2012-2013 to 13.7 percent between 2013-2014.
National Australia Bank (NAB) executive general manager for small business Leigh O’Neill told the Australian that the small business sector is “really energised by the value it adds to the Australian economy”. She also declared her admiration for the growing number of women in business and “the wonderful gutsy attitude” of small business owners who are “really giving it a go”.
Why should I buy?
‘Start-up’ may sound glamorous and you might think “why should I buy someone else’s business when I can start my own?” However, many who start a business struggle to keep their new businesses afloat.
Indeed, almost 50 percent of start-ups fail within the first year of trading, according to the Australian government. You have to start from scratch: no customers, no brand awareness, no guarantee that your big idea will fly. An exciting challenge, sure – but a gamble and a lot of hard work, nonetheless.
Buying an established business is less risky. Rather than working on assumptions about your prospective market and cash-flow projections, a business with a trading history generates revenue from day one.
You can make realistic projections about future profits – indeed, even deciding which business to buy in the first place – based on its previous years’ trading figures.
Buying a business confers on you a ready-built going concern. Already established in the local community it dodges some of those difficult start-up hurdles: training employees, building up your credit rating, building your brand and reputation, generating revenue from scratch.
A ready-built brand is another invaluable benefit of buying a business and one you should never underestimate (we all recognise the immense value of the iconic swoosh or bitten apple). With brand recognition comes respect from consumers, lenders and suppliers.
Perhaps the hardest part of starting a business is building a strong customer base. When you buy a business the price is partly determined by an intangible yet invaluable asset, ‘goodwill’ (an investment in the loyalty of pre-existing customers).
With an established market presence comes a loyal customer base (so long as you choose your acquisition wisely), so all the hard work is done for you – it’s just down to you to maintain and build on its success.
What next?
If you’re interested in buying a business, there are certain things you will need to consider.
Here’s a summary of the key points:
Budget
Only pay what you can afford and don’t overstretch yourself financially. Consider not just the initial investment but whether you can afford to honour any loan repayments based on the business’s ability to generate revenue.
Professional advice
Not everyone appoints a business broker and/or accountant to help them with their acquisition, but they could help you get the right business at the lowest price possible. Make sure you employ an accountant or agent who knows the local area and is familiar with the market.
Location
Location is obviously a factor – particularly for bricks-and-mortar retailers that rely on footfall. If his applies to you, assess whether the area is a prime trading area and research the local demographics, competition and economic outlook.
Due diligence
Thorough due diligence checks – uncovering the true reasons behind the sale and the full, unvarnished facts about the business’s health or lack thereof – are vital. Are there any hidden liabilities that could land you with unexpected costs and legal consequences? Does it have a bad reputation, or any outstanding debt?
Market research
It’s not just about the health of the business itself; you must also understand the trading environment. Can you rely on the loyalty of its customer base? Even if historic trading figures are positive, can you foresee any negative consumer trends underway or on the horizon (think DVD hire stores in the late 90s)?
To gain a better understanding of the forecasted returns and future financial needs of your new business, look at any projected financial statements. Can the business owner justify these projections based on the market and its trajectory?
Legalities
Don’t rush or skim read. Take your time to carefully read the purchase agreement, taking into consideration all assets and leases alongside any registered trademarks, copyrights, patents and intellectual property. If this sounds scary, then it could be – if you fail to get the right professional advice.
Any business acquisition takes a considerable amount of time, money and commitment, so don’t expect it to happen overnight. Set against the – admittedly exhilarating, but so too is taking an existing success story to a whole new level – challenge of starting a business from scratch though, it’s arguably a much smoother ride.
Buying a business could well be the head start into the business world that you’re looking for as you skip the perils of the start-up. Could 2017 be the year you finally take the plunge?
Melanie Luff, BusinessesForSale.com
5 TOOLS TO INCREASE YOUR DAILY PRODUCTIVITY…………….. Every business owner wants to leverage as much efficiency as possible from a working day. But it can be tricky to reign in wasted time and keep operations as streamlined as possible. Fortunately, there are plenty of tools available today to take energy spent on thinking, planning and […]
5 TOOLS TO INCREASE YOUR DAILY PRODUCTIVITY……………..
Every business owner wants to leverage as much efficiency as possible from a working day. But it can be tricky to reign in wasted time and keep operations as streamlined as possible. Fortunately, there are plenty of tools available today to take energy spent on thinking, planning and organizing and use it to ramp up productivity.
Here are our favourites:
Task Managers
A good first step to a more efficient enterprise is a task manager app – and the simpler, the better.
Wunderlist gets high marks from users precisely because it requires next to no tech knowledge. This straightforward app enables you to share lists and deadlines with easy to manage groups and the dashboard is intuitive enough to allow customized organization solutions – making it a neat tool for students and families too.
If your requirements are a little more intricate, Hitask and Basecamp are more comprehensive time management alternatives that help you assign, manage and organize tasks. With the ability to share files as well as calendars and progress reports these apps are well suited to businesses with more complex team structures.
Customer Relationship Management (CRM)
Beyond a certain point, keeping sales, marketing, tech support and customer service perfectly synchronized can become a nightmare.
Instead of creating a sales engine that guarantees mangled customer interactions and endless back and forth between departments, use CRM software to smoothly line up every step of your sales funnel.
Zoho isn’t free, but is a great place to start to get a full overview of your sales trends and cycles.
For those that already use CRM but are looking for a little more return on investment, Colabo offers even more targeted solutions. It has made the leap from cold emails and phone calls to what it calls ‘the new world of LinkedIn Groups, Meetups and Quora’.
Intelligent File Storage
The clutter never left – modern day business has merely moved the piles of paperwork online.
Intelligent File storage can shave off those wasted hours sharing files via email or directly on a server. There are many options, but a good solution will be quick, secure and take almost no time to set up.
The obvious choices are Dropbox and Google Drive (most people are already using one or the other) but if you’d like to get your team on a slightly more secure setup, Huddle is a brilliant choice.
If you’re nervous about cloud storage, it may be a good idea to investigate insurance options, or at least reliable backup for your most sensitive data.
Password Management Tools
Remembering a string of passwords can be stressful even if you’re not trying to run a business.
A clear winner that makes sure you’re not left staring dumbfounded at an empty password field again isLastPass. The app has a free desktop option, but at a mere $12 a year for mobile and full a full feature option, it isn’t bad for improved security and some more personal memory space! The app Includes useful features like automatic password changing in suspected hackings and suggestions on creating better passwords.
KeePass and 1Password are other much loved alternatives but take slightly longer to get going.
Finance Management
Lastly and most importantly, you’ll want budgeting tools for your business that do the trick without you needing an advanced bookkeeping degree.
Epensify is a truly nifty little app that will take the pain out of managing your receipts and expense reports.
Another option is FreshBooks – it’s the perfect all-in-one accounting app for businesses with 50 employees or less and claims to save its users two days a month spent on paperwork and lengthy invoice creation. It also says that, on average, Freshbooks customers double revenue in the first 24 months of usage.
If you are looking for budgeting software products, a great business software comparison site is Capterra. It will help you fine tune a search for software that perfectly suits your company’s needs. If you’re going to splash out on more advanced software, it’ll pay to start your research here.
Article by Nick Tatley, BusinessesForSale.com
WHAT THE HELL IS THE PPSR?…………. What is The PPSR? The Personal Property Securities Register (PPSR) offers your business excellent risk protection. It’s also a tool that can help you raise finance using your business goods and assets. Using this register can protect you in the following ways: • When buying goods • When selling […]
WHAT THE HELL IS THE PPSR?………….
What is The PPSR?
The Personal Property Securities Register (PPSR) offers your business excellent risk protection. It’s also a tool that can help you raise finance using your business goods and assets.
Using this register can protect you in the following ways:
• When buying goods
• When selling goods on retention of title or consignment
• When leasing, renting or hiring out goods
And… don’t rely on your contract’s retention of title clause or you may be bitterly disappointed.
When Buying Goods
Searching the register lets you know if the valuable goods you are interested in buying are being used as security for a debt or other obligation. The register won’t tell you the value of the obligation, but it lets you know who the obligation is owed to so you can find out more.
For example, someone may try to sell you used goods, such as a van or piece of machinery, without telling you they still have finance owing on it.
And if they stop making payments on the loan there’s a very real chance the finance company can turn up on your doorstep and take those goods away, without paying you a cent for your loss.
For the princely sum of $3.40 you can check that goods you want to buy are likely to be free of financed debt, and safe from repossession.
When Selling Goods on Retention of Title or Consignment
Making a registration shows searchers that you are claiming an interest in the goods or assets you are selling on retention of title terms, or have consigned to someone else to sell on your behalf. This interest means the goods or assets secure the debt or obligation that someone owes you.
The registration protects your interest in the goods or assets should the customer default or go broke.
If you don’t make a registration on those goods or assets and your customer goes broke before they have fully paid you, your property may be sold to pay secured creditors first. If you are not registered, you will be an unsecured creditor in an insolvency and may not recover much, if anything, of what you are owed.
If you register as early as possible, you stand the best chance of being first in line over other creditors. It also helps you to protect your interest even if the goods or assets are sold on, mixed or installed onto other goods.
When Leasing, Renting or Hiring Out Goods
If the lease or hiring arrangement is for at least one year, or may last for more than one year, or is for an indefinite period, then this applies to you.
Registering your goods or assets helps protect your interest in them when they are not in your possession. It shows you are claiming an interest over the goods or assets you are hiring, renting or leasing out.
If you don’t and your customer goes broke or is liquidated – your goods and/or assets may be sold to pay creditors.
Think You’re Already Covered by a Contract?
A retention of title clause (indicating that title remains with you until goods are paid for in full) in your contract or invoice, no longer protects you on its own. If you don’t make a registration, your retention of title clause is unlikely to stack up against others when you need to rely on it.
In other words, anyone else who has registered an interest will be ahead of you in the queue should your customer default or be wound up. Registering on the PPSR is a super smart move.
Article by Peter Kirkham, Business Development Manager, Professional Collection Services
HAVE YOU CONSIDERED BUYING A CHILDCARE BUSINESS?…………….. “More Australian families than ever are using childcare services, with nearly one million children in approved centres nationwide, a federal government report has found. The latest Child Care Update, released on Sunday, showed more than 700,000 families were accessing childcare services in 15,000 centres. An extra 22,400 […]
HAVE YOU CONSIDERED BUYING A CHILDCARE BUSINESS?……………..
“More Australian families than ever are using childcare services, with nearly one million children in approved centres nationwide, a federal government report has found.
The latest Child Care Update, released on Sunday, showed more than 700,000 families were accessing childcare services in 15,000 centres.
An extra 22,400 children received child care in the year to June 2012, compared to the previous year, continuing a trend of strong growth.
Around a quarter of all Australian children aged up to 12 years were now in child care, a record amount, the report found.
“What we’re seeing is more children accessing childcare in more services than ever before in our nation’s history,” Early Childhood and Child Care Minister Kate Ellis said in a statement on Sunday.
“We’re creating a more flexible, affordable, accessible childcare system with higher quality standards and families around Australia are rightly taking advantage.”
The federal government had spent a record $20.6 billion in direct childcare assistance, and increased the rebate from 30 per cent to 50 per cent of out-of-pocket costs, she said.
Couples with children needed the flexibility and confidence to know they could go back to work without worrying they’d be priced out of the system.
But Ms Ellis said there were still problems around child care availability, with many parents unable to find a centre to take their kids.”
{Source AAP March 31, 2013 2:22PM}
Why you should buy a childcare business
- Individual childcare businesses are currently selling for 3.0 – 5 x net profit – one of the highest returns for any business.
- Childcare centre groups are selling for 5 to 6 x net profit which is getting close to Public Company sale multiple levels.
- Employee wages are relatively low compared to some other industries and usually the industry does not experience problems obtaining staff from Managers to Certificate III workers. Several HR agencies specialise in Childcare.
- In Australia over 50% of first time mothers re-enter the work force by the time their child reaches 1 year old, making childcare a necessity for the majority of parents with children under the age of 5 years.
- Government subsides – Centre’s can receive up to 80% of their fees direct from the Government. This can depend on location, size of the centre and income of parents.
- A 30 year old client, who built up a group of 19 centres (in Perth) over a period of 10 years, sold them in 2014 for $64 million.
- There are savings in numbers – once you reach around 5 centres+ – central administration can represent considerable savings in insurance, payroll, staff management, centre management (leases, marketing, advertising, cleaning, repairs & maintenance etc.).
- Administration work can also be handled from anywhere and by a team of people not necessarily associated with childcare.
- Opportunity to buy nationally outside of Perth and possibly manage from established administration base in Perth or elsewhere.
- Freehold centres are also available sometimes. Freehold can represent a saving both from a tax perspective and commercial rent. With interest rates at current record low levels the interest on a commercial loan usually works out cheaper than the equivalent in commercial rent costs. It also means any improvements to the Centre are adding to the commercial value of “your” property and not someone else’s. Opportunity for commercial gain on the property.
- Freehold ownership also means that when you want to sell your business you have far more control. You are not in the hands of a Managing Agent or landlord as to whether they will approve your buyer.
- Childcare centres are one of the few non-franchise businesses that Banks will lend on. The usual lend is 50% for a leasehold business and up to 70% of the overall cost for a Freehold centre. Links to recommended finance brokers and Bank Childcare specialists are available on my website.
- Currently many leasehold centres sell within weeks of coming on the market.
- Many other businesses can be linked, associated with Childcare.Sound secure investments.
- Finally they are sound secure investments.
5 QUESTIONS TO ASK WHEN BUYING A BUSINESS……………….. Once you have decided to purchase a business, it is very useful to draw up a list of questions to ask your business transfer broker or directly to the seller that will help you make your decision. The more information you gather, the more you will feel […]
5 QUESTIONS TO ASK WHEN BUYING A BUSINESS………………..
Once you have decided to purchase a business, it is very useful to draw up a list of questions to ask your business transfer broker or directly to the seller that will help you make your decision.
The more information you gather, the more you will feel comfortable with making a rational assessment of the business you are looking at.
At Advance Business Brokers we always spend time with each of our sellers to understand the exact nature of the opportunity.
Here are five questions that you should ask sellers before progressing with the purchase and signing a provisional contract.
- What is the primary reason for selling the business?
Crucial to understanding the true nature of the sale, the response to this question will help you assess the opportunity.
- How would the current owner recommend growing the business?
This is a great question to ask, especially if the owner is selling due to non-business reasons. An honest response will provide you with insight that could save you months of testing, research and investment.
- What are the businesses biggest challenges?
The answer to this question should help you avoid any unforeseen issues after taking over a business.
- How are the business’ processes documented?
Taking over a business with well documented procedures and processes in place will ensure that there are very little teething problems when you take over the business.
- What are the primary skills required to operate the business?
Discover the skills and leadership attributes that are most important to run the business. Honestly assess your current skills and see if you fit the profile. If not can they be learned or can you afford to recruit a manager with the skills to run the business.
For further information and advice on the next steps, contact Angela at Advance Business Brokers on 0416 109 017.
RESOURCES
(click for information)
FAST SETTLEMENTS
Briar Kirkby
Tel.: (08) 9316 2780
E-mail: briar@fastsettlements.net
WEST END SETTLEMENTS
Erica Settineri
Tel.: (08) 9443 3044
E-mail: erica@westendsettlements.com.au
Everest Legal
Jessica Anderson
Tel: 0406 822 339
Email: jessica@everestlegal.com.au
Greenstone Legal
Jade Lattimore
Director
Tel.: 0438 303 763
Web: greenstonelegal.com.au
All Property Conveyancing
Heather Norfolk
Tel.: (08) 9460 5010
E-mail: heather.norfolk@allproperty.com.au
(click for information)
Able Finance
Jon Elliott
Tel.: 9328 3600
E-mail: jon@ablefinance.com.au
Southshore Finance
Mr. Steve Greenwood or Michael Coombes
Tel.: (08) 9474 1999
E-mail: steve@southshorefinance.com.au
Crediflex Finance
Adam Barbuzza
Tel.: 0439990946
E-mail: adambarbuzza@crediflex.com
(click for information)
Australian Childrens Education & Care Quality Authority (ACECQA)
http://www.acecqa.gov.au/regulatory-authorities1/contact-your-regulatory-authority
WA Department of Community Services Childcare
http://www.acecqa.gov.au/service-approvals(website link for Chile Care forms)
Tel.: 62103333
Dept of Education – for CCB funding application
www.education.gov.au/information-becoming-approved-child-care-service
Education and Care Regulatory Unit (ECRU)
http://www.communities.wa.gov.au/education-and-care/ecru/Pages/default.aspx
ECRU Introduction to Applications
http://www.communities.wa.gov.au/education-and-care/ecru/Introduction-to-applications/Pages/default.aspx
Service Approval Forms (SA 04 transfer of service and more)
http://www.acecqa.gov.au/service-approvals
Provider Application (PA01) including Police Clearance
(click for information)
Rayford Migration Services
http://www.rayfordmigration.com
Pauline Yong – Email:
enquiry@rayfordmigration.com
(click for information)
Phil McGuire ANZIIF (Assoc) CIP
Director
Unit 12-64 First Ave Mount Lawley WA 6050
PO Box 429 Mount Lawley WA 6929
Tel.: (08) 6424 8566 / Fax: (08) 9371 5664 M:0448 357392
E-mail: phil@excelinsurance.com.au
Web:
LinkedIn:au.linkedin.com/pub/phil-mcguire/45/630/a72/
(click for information)
Marpik Accountants Pty Ltd
Mat Honner
E-mail: mat@marpik.com.au
Tel. (08) 9447 1003
(click for information)
Associated Stocktaking
Stephen Moore
Unit 12-64 First Ave Mount Lawley WA 6050
Tel.: 9385 1515
(click for information)
Stamp Duty-WA
Department of State Revenue http://www.finance.wa.gov.au/cms/content.aspx?id=2055
Small Business Development Corporation
http://www.smallbusiness.wa.gov.au/
Lots of useful information and assistance for small business
Chamber of Commerce WA
http://www.cciwa.com/
Membership required but great resources for small businesses
Police and CV Checks
www.CVcheck.com
(click for information)
Panther Corp
Kristy Hubbard
Tel.: 9388 0551
E-mail: kristy@panthercorp.com.au
Easy Companies
Easycompanies.com.au
(click for information)
Nick Hancock
M: 0450 144 139
E-mail: nick@nickhancock.com.au
www.nickhancock.com.au
Taral – Business Plans
Tax Accountant
UNIVERSAL TAXATION SERVICES
Tel : 08 9258 8137
Mob : 0433 930 744
www.universaltaxation.com.au