{"id":457,"date":"2024-04-17T02:29:41","date_gmt":"2024-04-17T02:29:41","guid":{"rendered":"https:\/\/wp.megabits.com.au\/verifiedbusiness\/?page_id=457"},"modified":"2024-06-17T05:39:52","modified_gmt":"2024-06-17T05:39:52","slug":"tips-for-buying-a-business","status":"publish","type":"page","link":"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/tips-for-buying-a-business\/","title":{"rendered":"Tips for buying a Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"457\" class=\"elementor elementor-457\">\n\t\t\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-6c9e23c e-con-full e-flex e-con e-parent\" data-id=\"6c9e23c\" data-element_type=\"container\">\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-4e859b7 e-con-full e-flex e-con e-child\" data-id=\"4e859b7\" data-element_type=\"container\">\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-f72eaea e-con-full e-flex e-con e-child\" data-id=\"f72eaea\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-11b6063 elementor-widget__width-initial elementor-widget-tablet__width-initial elementor-widget elementor-widget-heading\" data-id=\"11b6063\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.22.0 - 16-06-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/\">BACK<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c0bcf85 elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"c0bcf85\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">tips for buying a business<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-29cd143 e-con-full e-flex e-con e-child\" data-id=\"29cd143\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-86f3d66 elementor-widget elementor-widget-text-editor\" data-id=\"86f3d66\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.22.0 - 16-06-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>It\u2019s all about \u201cDue Diligence, or is it?<br \/><br \/>Due Diligence is basically the process of evaluating a prospective business purchase by checking that all the financial figures are verifiable and correct, together the 18 items on the checklist below.<br \/><br \/>But that\u2019s only part of it. The figures themselves maybe accurate but is that really a full and proper picture of the business? Or are there hidden traps that might bring you undone? This is where our expertise comes in \u2013 having sold so many businesses over the years we can often see things that others can\u2019t. There are some examples at the bottom of this page.<br \/><br \/>Practically speaking, for any business acquisition, due diligence includes fully understanding all of the obligations of the company: debts, pending and potential lawsuits, leases, warranties, long-term customer agreements, employment contracts, distribution agreements, compensation arrangements, and so forth.<br \/><br \/>A due diligence checklist is important when starting your investigation of that special business for sale. Below is a check list of some of the items you will need and which we will make sure are provided and are accurate. But that\u2019s just the beginning.<\/p><p>Now here\u2019s the tricky bit. You absolutely must know that the financial information you are using in your decision-making process to buy a business is reliable and that it gives you the full picture. Most buyers think that checking whether information is reliable is the same as checking whether it is accurate. Not necessarily so.<br \/><br \/>In fact, accurate financial information is often unreliable and only paints part of the picture. Reliable data and a proper analysis of the full scope of the business is the only truly accurate measure of a business\u2019s true performance .<br \/><br \/>The following are examples from due diligence reviews that illustrate this important point:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-c5c7dad e-grid e-con-full e-con e-child\" data-id=\"c5c7dad\" data-element_type=\"container\">\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-63f324b e-flex e-con-boxed e-con e-child\" data-id=\"63f324b\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-493ffa3 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"493ffa3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9ec096 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"e9ec096\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Substantial dead or slow-moving stock not disclosed by the seller. The buyer was presented with a large warehouse with well-organised and detailed stock report. The buyer\u2019s purchase contract included full payment for the entire stock. However, over time, most businesses accumulate stock that doesn\u2019t sell and some sellers feel that selling the business is a good means of getting rid of accumulated, slow-moving stock at its full value. Buyers shouldn\u2019t have to pay for sellers\u2019 past mistakes. Once the&nbsp; true nature of the value of the stock was uncovered, the purchase price was adjusted downward to cover the lines that were just sitting there.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-f861748 e-flex e-con-boxed e-con e-child\" data-id=\"f861748\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d9a12c9 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"d9a12c9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83bbb94 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"83bbb94\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The buyer was enticed by the rapid growth of a construction business doing work primarily for the government; however it took between 60 and 90 days to collect its receivables from the government. There had been substantial growth in the net income in line with the growth in sales. The purchase price included the value of some of this projected growth. But proper cash flow forecasts to the buyer showed that a substantial amount of the cash generated by the business would be required to fund the receivables in order to achieve the anticipated level of growth. This meant that, while the net income and tax liability would be high, the buyer would not be able to withdraw any salary from the business. The buyer had been concentrating on the net income without understanding the business\u2019 cash flow cycle. The buyer ended up organising additional financing and incorporating this previously unidentified cost into his analysis and successful offer.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-d7e7083 e-flex e-con-boxed e-con e-child\" data-id=\"d7e7083\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-00afa73 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"00afa73\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-854aaca elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"854aaca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Our examination of a retailer revealed a surprisingly low delivery expense compared with what we knew was the industry norm. Further investigation revealed that a related business made many of the deliveries without any charge. The buyer would not have such a relationship and would need to factor in these additional costs in order to sustain the operations of the business. The tax returns had overstated the earnings relative to this expense. Sorting through the appropriateness of each of the disclosed adjustments and identifying any undisclosed adjustments were critical to a meaningful valuation. The seller agreed to revise the selling price based on the adjustment to normalise the delivery expense.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-902e196 elementor-widget elementor-widget-text-editor\" data-id=\"902e196\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>These examples and countless others demonstrate the importance of professional due diligence but more importantly they illustrate the importance of having a bigger view of the business and being able to spot these pitfalls.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-7fc71a7 e-con-full e-flex e-con e-child\" data-id=\"7fc71a7\" data-element_type=\"container\">\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-7cd3ca4 e-con-full e-flex e-con e-child\" data-id=\"7cd3ca4\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-5ce70ed e-flex e-con-boxed e-con e-child\" data-id=\"5ce70ed\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cdc6ab6 elementor-widget elementor-widget-heading\" data-id=\"cdc6ab6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">DUE DILIGENCE CHECKLIST\u200b<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-29cd779 e-flex e-con-boxed e-con e-child\" data-id=\"29cd779\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-593e10f elementor-widget elementor-widget-html\" data-id=\"593e10f\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\n.checklist li:before {    \n    font-family: 'FontAwesome';\n    content: '\\f058';\n    margin:0 10px 0 -15px;\n    color: #f00;\n}\n.checklist {list-style:none;}\n.checklist li{\n    color:#000;\n}\n\n<\/style>\n<ul class=\"checklist\">\n\t<li>3 Years Tax Returns relating to the business<\/li>\n\t<li>3 Years of Past Complete Financial Statements - Profit &amp; Loss Statements, Balance Sheets, BAS (Business Activity Statements)<\/li>\n\t<li>Current Interim Financials plus BAS<\/li>\n\t<li>List of Assets Being Sold With the Business<\/li>\n\t<li>Current Accounts Receivable Report<\/li>\n\t<li>Current Accounts Payable Report<\/li>\n\t<li>Cheque book Register for Last 3 Years<\/li>\n\t<li>Client\/customer overview - Look For Account Concentration Issues, that is, too much business with just one customer can be dangerous<\/li>\n\t<li>List of Employees - Current &amp; Past Payroll Records<\/li>\n\t<li>A Current Copy of all franchise agreements, licenses, loan documents. contracts or agreements utilised by the Business<\/li>\n\t<li>Current Copy of the premises lease<\/li>\n\t<li>Any past Environmental appraisals and requirements, legal reports &amp; information<\/li>\n\t<li>A Current, Complete Supplier List - Review Contracts &amp; Relationships<\/li>\n\t<li>Copy of All Contracts, including phone, vehicle, equipment, advertising etc.<\/li>\n\t<li>Details of all current marketing in place<\/li>\n\t<li>Does the business have an Operations Manual and a Business Plan<\/li>\n\t<li>What is the breakup of the turnover of the business e.g. sales, service etc<\/li>\n\t<li>Compare turnovers and nett profits from year to year and look for any substantial fluctuations<\/li>\n<\/ul>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>BACK tips for buying a business It\u2019s all about \u201cDue Diligence, or is it? Due Diligence is basically the process of evaluating a prospective business purchase by checking that all the financial figures are verifiable and correct, together the 18 items on the checklist below. But that\u2019s only part of it. The figures themselves maybe [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":88,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-457","page","type-page","status-publish","hentry","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tips for buying a Business - Verified Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/tips-for-buying-a-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips for buying a Business - Verified Business\" \/>\n<meta property=\"og:description\" content=\"BACK tips for buying a business It\u2019s all about \u201cDue Diligence, or is it? Due Diligence is basically the process of evaluating a prospective business purchase by checking that all the financial figures are verifiable and correct, together the 18 items on the checklist below. But that\u2019s only part of it. The figures themselves maybe [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/tips-for-buying-a-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Verified Business\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/web.facebook.com\/verifiedbusinesses\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-17T05:39:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/wp-content\/uploads\/2024\/04\/b7dcbd3b071f18913f6a559e0bcd7581d772a6e1-e1712817442497.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2116\" \/>\n\t<meta property=\"og:image:height\" content=\"699\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/tips-for-buying-a-business\/\",\"url\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/tips-for-buying-a-business\/\",\"name\":\"Tips for buying a Business - Verified Business\",\"isPartOf\":{\"@id\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/#website\"},\"datePublished\":\"2024-04-17T02:29:41+00:00\",\"dateModified\":\"2024-06-17T05:39:52+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/tips-for-buying-a-business\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/tips-for-buying-a-business\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/tips-for-buying-a-business\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"For Buyers\",\"item\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/for-buyers\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Tips for buying a Business\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/#website\",\"url\":\"https:\/\/wp.megabits.com.au\/verifiedbusiness\/\",\"name\":\"Verified Business\",\"description\":\"We don&#039;t just sell businesses. 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Due Diligence is basically the process of evaluating a prospective business purchase by checking that all the financial figures are verifiable and correct, together the 18 items on the checklist below. But that\u2019s only part of it. 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