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'Corporate Synergies' will make the experience of buying a business as pleasant as possible. The process of buying a business doesn't need to be complicated but should follow some straightforward guidelines that the brokers at Corporate Synergies will be happy to help with. Firstly, it is important to have a realistic idea of your budget range, so that when you finally make your purchase there is no shortage of funds to actually run the business. Knowing your budget will help you and your broker narrow your search and concentrate on only the businesses that are appropriate for you. You will need to register all your details with Corporate Synergies and sign the appropriate 'Confidentiality Agreement'. This will ensure that the information about the business that is provided to you will remain strictly confidential and will not be shown to outside parties. This is standard practice as we are sure you will understand. Information about a business is private and should be treated with a confidential nature. Your initial contact with 'Corporate Synergies' can often involve making an appointment to discuss your requirements. However, most things can be discussed over the phone to help the broker get an idea of your requirements. Corporate Synergies will already have some businesses listed that could be interesting for you as they have an extensive database covering a wide selection of already qualified businesses. These can be discussed with you and information provided for you to read. Once you have found a business that you feel may be suitable it will be time to make an appointment to inspect the business and meet the vendor. Often this will happen after hours at a time when the employees will not be there and the business sale remains confidential. It is in your interest to ensure that employees remain at the business, as they will be needed by the purchaser, being an important part of the business structure. Advance notice of the sale may make some employees nervous and look for new jobs elsewhere. Most purchasers will definitely want the key staff to remain with the business.
Offer for the Business After you have inspected the business and feel that it is right for you, it is time to make an offer and negotiate the purchase of the business. There are many things you will want to cover. Firstly, your offer needs to be acceptable to the vendor so that the process can begin. Next, the financial information will need to be verified and details of the lease and other aspects will need to be substantiated. A “Sale Contract” will be drawn up by the vendor's solicitor and sent to your solicitor. With an “accepted” offer, a deposit is paid and held in 'trust' in the 'Corporate Synergies Trust Account' until settlement date. The deposit is refundable until the official 'Exchange of Contracts' when your deal becomes binding. After the exchange of contracts you will be able to inspect whatever records of the business you wish to see to satisfy yourself of the authenticity of the business information that has been provided to you. The sale process from offer to completion and handover can take varying periods of time depending on what has to be done and the time of the year. One is dependent on Solicitors and Accountants and over the summer break this can be a slow time. The vendor will normally provide tuition. This is arranged and done by mutual agreement and would be noted in the sale contract. Depending on the type of business this could be one month (free of charge) followed by paid consultancy agreement etc. It is a flexible component of the sale process that there is no set standard for. For further information, contact us on 1300 668 200 today.
Finance A major consideration when purchasing a business can be financing the acquisition. It is important to take professional advice from someone who can assist you in structuring a purchase that leaves you not only in a comfortable position to run the business, but also does not leave you completely exposed should there be a need for additional short-term finance. All contingencies should be covered and all risks minimised as much as possible. Corporate Synergies is fortunate to be able to recommend experienced professionals who can offer sound independent advice, review your situation and suggest the best way to finance and structure your purchase. You may just need to know how much you can really afford. It is far better to know that when you find the business that is right for you, the finance is already in place or at the least is a distinct possibility. Without being organised, the business of your dreams may be snatched from under your nose by someone who is better prepared when the time arrives. Contact us on 1300 668 200 to find out more about your personal finance options.
Immigration It is possible for Immigrants who wish to acquire residential status in Australia to do so through the purchase of a business. They must however also comply with other specific criteria set by the Australian Government. Information about this opportunity can be found on the following website. http://www.immi.gov.au/skilled/business/index.htm Please click this link for further details. It is also advised to seek the help of a migration agent or attorney for further assistance and help with your application. For further information, contact us on 1300 668 200 today.
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