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What to consider when buying an existing business?

When buying an existing business, there are some important steps to take in order to know what you're buying in to.

Buying an already established businesses can have many advantages over starting your own business from scratch. Established Businesses that have a good business history are likely to have established procedures, regular customers and a regular financial returns.

However, established businesses can also come with disadvantages. This can include outstanding contracts and debts or a poor public image.

Doing your research to ensure you’re making the right decision is essential as well as familiarising yourself with the competitors and the industry.

At Steve Hamilton Chartered Accountant we offer assistance to review the accounting records of a business you are looking to purchase, provide a due diligence review and provide recommendations on the best structure in which to purchase the business, taking account
of your particular circumstances.

  • The nature of the business
  • Family circumstance
  • Asset protection
  • Succession planning, when you sell a business
  • Tax planning
  • What tax registrations are required
  • How long you intend running the business
  • Most appropriate accounting records system

Each situation is different and there is no one size fits all solution.

Steve Hamilton Chartered Accountant

Looking after clients in Joondalup and the Northern Suburbs of Perth for over 20 years.
Professional accounting expertise, competitive pricing & exceptional service

Find out if Steve Hamilton Chartered Accountant is right for you!

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Choosing the right business to buy depends on your needs and lifestyle. Take time to research and understand the business and industry. Talking to a professional can help ensure you get the best advise to back up your "gut feel" for buying a successful business.

For assistance buying an established business or a chat about your financial accounts, send through your contact details (and the best time to call) and we will contact you to see how we can best help you.

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