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Small Business Buying
Small business buying is a complicated and somewhat risky process. It is easy to make a mistake or several mistakes which could have far reaching consequences for your family's fiancial security. Get it right and you can create enduring wealth and opportunity for your family thru successful business ownership.
get it wrong and you could have a financial disaster where you not only lose the business ....but also lose your house!
The secret to small business buying is to surround yourself with professional advisers who can guide you to success.
The first person you need for successful small business buying is a good accountant. he can help you set up the most appropriate and tax effective ownership structure which your business can grow within. he can also do the due diligence and financial investigations when you start looking at prospective business acquisitions. He can also liaise with the business broker in asking for and seeking out information relevant to the due diligence. Many business brokers are in a helpful and co operative business relationship with accounting firms and working togeher on your behalf makes a powerful team.
Another professional who is of enormous assistance in small business buying is a competent finance broker . You may think you can simply go to your bank manager and get business loan finance and be assured of a good deal. But the reality in todays finance market is that you are likely to be rejected for your business loan or to end up paying too much in interest rates and in fees.
The skill of the specialist business finance broker is in knowing which banks are interested in lending in which industry categories, which bankers have their loan approval levels set high enough to make a lending decision without the application being sent upstairs or to Sydney or Melbourne, how to set up the loan structure to your best advantage and, finally to get you the best interest rate.
Remember, small business buying needs a well thought out strategy, it needs discipline and it needs a team of which you are the captain, but with the realisation that small business buying is not for amateurs. The future belongs best to those who plan for it.
