When buying a business, be that an existing business, or a franchise, it’s crucial to perform due diligence, but what does that really mean, and what does it involve?
For most people, especially those buying a business for the first time, what comes to mind might be things such as checking the financials, tax returns, business registrations and the like – which it should – but it should also include a lot more than that to truly protect yourself and your investment. What you’re buying is one thing, but what you’re buying into can also be just as crucial to understand, and this includes areas such as it’s culture, work practices, reliance on key staff, market competition, etc.
There is no one-size-fits-all approach. If you ask for our help, we’ll talk to you about the key risks you want addressed, and we'll devise a plan for how to approach it, and either provide the guidance you need to go off and do it, or we can do a lot of it for you. It really just depends of how much you want to spend, and who is best placed in terms of the skills and time to do the work necessary.
Our teams in Brisbane, Melbourne and Redcliffe can advise and assist you with all aspects of buying a business and due diligence.
