Purchasing a business can be one of the largest commitments you will make. It is important to do your research before committing to buy. Research the industry to identify your potential competitors, your customers and how the industry is performing overall. Do your own financial due diligence – the purchase price is normally based on projections of the owner. You need to independently collect and check financial information about the business. 80% of buyers who engage an accountant to do financial due diligence avoid paying too much.
It is vitally important to be aware of your financial and legal position if you are considering selling your business. Ensure your financial and legal records are up to date and reconcile. This will ensure your projections are credible and you have up to date information to include in a vendor’s statement. The Vendor’s statement includes important financial and tax information about the business and is provided before the contract of sale is signed.
Dyason Legal can assist you with all aspects of buying and selling a business, including:
- business structures
- succession planning
- vendors statements
- lease terms
- Goodwill and valuation of business assets
- liaison with financial institutions
- transfer of licences
- due diligence, searches and inspections
- organising and attending settlements
Contact us to discuss your specific needs.