Starting a business can be a mine field and no amount of research, passion or planning can guarantee the success of a start-up business. The risks are high which explains why so many budding entrepreneurs look to buy an existing business or franchise operation rather than start from ‘scratch’.
Getting the right advice and having the necessary information available to you is essential when you are looking to purchase an existing business.
This blog covers what the team at MJJ Accounting and Business Solutions can offer in assisting you in the purchase of your business and beyond. It steps out the process and services we offer and gives a brief overview of what is involved.
Business Analysis
MJJ Accounting and Business Solutions can undertake a preliminary assessment of the business to see if it meets your individual goals. We look at the businesses ability to pay the owner wages, financing costs and anything specific to your situation. We provide a pros and cons feedback on the business based on 30 years of accounting and business knowledge.
Structure set up
Establishing the correct business structure from the start is critical to ensure protection of your assets and the best tax outcome for you and your family. We help you by setting up the entity and applying for all ASIC and ATO registrations.
Signing of the contract
Refer to MJJ Accounting and Business Solutions to ensure you have the correct entity name and any additional clauses and provisions.
Due Diligence
We undertake a financial due diligence on the business to verify the financial data you have been provided from the seller. The process involves checks to ATO lodgements and accounting ledgers to provide you peace of mind on the financial integrity of the business.
Lease review
If there is a lease, you will be required to have a Financial Advice Report signed off by an accountant, we can discuss this with you and help you through this process.
Accounting software
We are partners with all major software providers and we can help you with choosing the product that best suits you. We can also help with set-up of the software and ongoing training.
