Most Australians start their hunt to buy a business with an online search. That’s the word from Noel Currie, certified business divestment and exit strategist from Australian Business Sales Corporation, who says at least 90% of buyers search the internet for their new business opportunity.
Still, finding the right business involves more than a few judicious mouse clicks; in fact, it’s a time-consuming and an incredibly challenging process.
How to find the right business
The first step involves finding a business that matches your experience. As a writer, I make an inferior builder. When looking at target companies to buy, Adam Smith, chartered accountant and director of professional services firm Aurecon, recommends seeking out businesses that align with your skill set, background and expertise.
“These days, there are countless websites and brokers you can approach to help you identify the right business,” says Smith. “However, it’s so important to conduct your market research and detailed due diligence. Thoroughly understanding the commercial environment you are operating in is paramount to business success.
“Generally, the worst and most expensive businesses to buy are the ones already listed for sale, because brokers can sometimes set unrealistic value expectations to justify their fees.”
Do your due diligence
Before buying a business, be sure to do your due diligence and research first. Researching the company that you want to buy will enable you to understand its reputation and potential.
Esta historia es de la edición July 2021 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July 2021 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.