Buying a Business
Looking to buy a business?
If you’re considering buying a business and you’re not sure where to start, you’ve come to the right place! Core Business Brokers are a team of professional business brokers, with over 85 years of collective experience behind them.
As one of the longest-established business brokers in Sydney, we’ve spent decades in the industry, helping buyers buy hundreds of businesses in a vast array of industries. But at the end of the day, what makes Core Business Brokers different from all others, is our level of care. We are passionate about what we do and pride ourselves on our genuine care for our clients.
The Core business broker you meet will be the one who handles your purchase. We pride ourselves on offering great service based on our years of experience. If you are thinking of buying a business, you can count on Core Business Brokers to deliver an exceptional service. Contact us today to start your business purchase journey.
Interested in buying a business listed with Core Business Brokers?
We’d love to share more about the business opportunities we currently have available, so complete our Confidentiality agreement and we’ll be in touch with more information.
What’s involved in buying a business?
Whether you’re a budding entrepreneur, an investor or an experienced businessperson seeking to explore new business opportunities Australia has to offer, the team at Core Business Brokers can give you the right assistance.
We offer the most efficient and effective way to buy a business in Sydney. We guide you through the business sale process, providing you with all the necessary information that you would expect to receive in order to make an important business decision. We’ll be on hand to answer your questions and lead the way, eliminating stress and making the business purchase journey as seamless as possible.
Personalised Business Buying Services
Here at Core Business Brokers, we don’t just sell businesses – we assist buyers as well! Take advantage of Core’s Buyer Consulting Services and for one low price, learn all you need to know about buying a great business at the best possible price and conducting due diligence to assess potential risks.
If you’ve found a business for sale and need a buyer’s agent to negotiate the sale, Core Business Brokers can now work for you as a buyer’s agent! We’ll negotiate the sale on your behalf, allowing you to utilise our years of industry experience and insider knowledge to get the best possible price for your business.
Click here to learn more about our buyer consulting and buyers agent services.
Contact Us
Telephone: (02) 9413 2977
Fax: (02) 9413 3818
Address:
Level 13,
465 Victoria Avenue,
Chatswood NSW 2067
(Sydney, Australia)
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A Step-by-step Guide to Buying a Business
Business Buyers Guide
Buying a business can be foreign territory for many, but with Core Business Brokers you’re in safe hands. Our years of experience in the industry allow us to navigate the buying process with ease, guiding you through each step of the way.
- First, the buyer must ensure their finance is approved and available before the offer is made.
- The buyer should appoint a solicitor to review the sales and rental contracts and to conduct the exchange process. If you don’t have a solicitor, we can recommend industry professionals.
- The legal entity that the buyer will be trading as must be established and this information provided to us, Core Business Brokers.
- A non-refundable deposit must then be made as contracts are exchanged. The cheque must be made out to ‘Core Business Brokers Trust Account’.
- The deposit will be placed in the Core Business Brokers trust account within twenty-four hours of receipt. This money can only be released on notification by both solicitors that the transaction has been settled by both parties.
- The Buyer must ensure that the Landlord will approve their application for premises and the assignment of the existing lease or the establishment of a new lease. The consent of the landlord must be obtained and provided to the vendor’s solicitors.
- After the exchange of contracts, the Buyer is responsible for the following before settlement is completed (some of these points do not apply to all types of businesses or transactions):
- Completion and signing of the assignment or establishment of the lease for premises
- Installing payment facilities such as EFTPOS, Credit card etc
- Setting dates for the counting of stock and the handover
- Organising utilities such as Electricity, Gas, Telephones, Data connections, water and sewerage
- Organising trading licenses and registration with any applicable government departments or authorities
- Ensuring registration with ATO for GST, FBT etc
- Taking care of employee legislation such as occupational health and safety and workers compensation
- Arranging any inspections that may be required for compliance with health, safety or building legislation
- Payment on settlement
Let us take the stress off your plate and guide you through your business sale journey from the very beginning. Buying a business is an exciting time in your life and with the right team on your side, we can eliminate stress and lead the way. Want to learn more? Click here to read about a typical sales process.
Making an Offer when Buying a Business
Making an offer on a business you’re interested in is an exciting moment. However, until your offer is accepted by the seller and contracts have been exchanged, it holds no legal standing.
When it comes to buying a business, the business can be purchased by:
- Buying the assets, stock and goodwill and taking over the business as a going concern; or
- Buying the company through a share transaction
Small privately owned businesses are mostly bought through the purchase of the assets of the business (option 1). This method ensures that the liabilities of the vendor’s company do not transfer to the purchaser. This method also simplifies the due diligence required.
What happens next?
If your offer is accepted, a deposit is then paid on the exchange of contracts. Deposits may be made when an offer is made to show commitment, however, since a deposit is not legally binding on either party, it will be refunded to the buyer if the sale does not proceed.
What your offer should include
The Property Stock and Business Agents Act 2002 stipulates that an offer to purchase a business must be made in writing. The offer should contain the following items:
- The price the buyer is prepared to pay for the business, defined as the fixed assets and goodwill
- The maximum value that the buyer will pay for the stock
- The terms on which the buyer will accept a new lease or assignment of the lease for the business premises
- The payment terms for the business and stock
- Employment conditions moving forward and detailing which staff will remain employed with the business
- Proposed settlement date
- Any transition and training period that the buyer will require
- The payment that the buyer will make to the seller for time spent training or transitioning into the business
Meet the Team
Experienced Brokers
The team at Core Business Brokers are industry leaders with years of knowledge and business sale experience on their side. We’ve sold every style of business from small cafes to large-scale corporations and when it comes to buying and selling businesses, you’re in safe hands. Core Business Brokers have an outstanding reputation amongst the business community and are the certified business brokers of choice for a wide range of entrepreneurs looking to buy or sell a business. With 85 years of collective experience and 20 years in operation here in Sydney, you can rely on Core Business Brokers to handle your business sale with efficiency, honesty, and the utmost confidentiality.
How we can help
Our Buying Services
Do you want to buy a business? Not sure where to start, what’s involved or how to negotiate? Core Business Brokers are a team of professional business brokers that can provide you with personalised business advice. We can help to find the perfect business for you and act as your buyer’s agent when negotiating the sale.
“Buying a Business” Consultation
For an affordable fee of $550 + GST you will receive a one-on-one consultation with a Core business broker, revealing the inside secrets of how to buy a business and what to look out for when buying a business. Your “buying a business” consultation will include:
- A tailor-made session with an expert business broker
- Learning the inside secrets of buying a business
- Answering your questions and improving your knowledge across a range of topics relevant to your business journey
- Insider tips and tricks, saving yourself thousands of dollars by avoiding the mistakes we see people make too often
- An insight into which businesses are currently in demand, which businesses to stay away from, what mistakes most business failures have in common, which businesses are more liquid, which industries are growing and more
- An introduction on how to value / price a business
- Any specific information you need to consider on your business buying journey
- Tips on what you can do to add resale value to your business
To book a consultation please contact us on 02 9413 2977 or click here to get in touch with one of our team today.
Buying a Business / Buyers Agent Service
If you are already in the process of buying a business, but not yet committed to a contract of sale – then we can act as your buyer’s agent, guide you through your business sale and save you thousands of dollars in the process.
With over 85 years’ experience and over 20 years in the Sydney Business Broking industry, let our years of knowledge and expertise work for you. We can negotiate price, terms, and structure to allow you the best possible outcomes when it comes to signing on the dotted line.
This process operates on a “win/win” basis, which means our fee would be paid through the savings we obtain for you! For more information on our buyer’s agent service, please contact Core Business Broker, Rad Benicky on (02) 9413 2977 or click here to contact us.
Franchises
Core Business Brokers has years of Franchise experience. While this option may not suit all buyers, it is often an excellent vehicle for a new buyer to be able to learn about running a business whilst having the security of a Franchisor who can assist them with business problems that arise from time to time. Interested in buying a franchise in Sydney? Contact us today and we’ll discuss what is available.
Ready to Buy?
We’re here to help
If you are interested in buying a business, our doors are open and we’re ready to work with you. Simply fill in the interest form on the business listing or complete the Buyer Registration Form. Once we have received your expression of interest, we’ll be in touch to discuss business opportunities available.