{"id":840,"date":"2024-04-22T04:08:20","date_gmt":"2024-04-22T04:08:20","guid":{"rendered":"https:\/\/wp.megabits.com.au\/verifiedbusiness\/?p=840"},"modified":"2024-04-22T04:08:20","modified_gmt":"2024-04-22T04:08:20","slug":"he-who-hesitates-is-los","status":"publish","type":"post","link":"https:\/\/wp.megabits.com.au\/verifiedbusiness\/he-who-hesitates-is-los\/","title":{"rendered":"HE WHO HESITATES IS LOS"},"content":{"rendered":"

Buyers of businesses are generally a cautious breed of human being. They are sceptical, suspicious and nervous of making the wrong decision. This is understandable especially if the buyer is a \u2018first timer\u2019. They need constant reassurance they they are not buying a \u2018dud\u2019 business, and they always seek professional advice, usually from Accountants\u2019. This is good business sense but the most appropriate time to delve into all aspects of the business is once a contract has been signed, and with a proviso that the contract is subject to a satisfactory \u2018due diligence<\/a>\u2019 period. So many buyers put the \u2018cart before the horse\u2019 and engage an Accountant to check into businesses before a contract has been agreed to. This often leads to disappointment for the buyer because the Accountants\u2019 don\u2019t rush anything, especially checking the financials for a business. It all takes time and while the buyers\u2019 Accountant is checking the financials, another more astute buyer sees the opportunity of a good business and immediately signs a conditional contract. The business is now \u2018off the market\u2019 until the contract goes through the due diligence phase. The first buyer who procrastinated is now furious, because he\u2019s spent several thousand dollars paying an Accountant\u00a0 to check out a business that he\u2019s never going to own. Well, sorry but it serves him right! An astute buyer, who has an instinct for a good business knows that if you procrastinate and wait until you\u2019re fully satisfied with the due diligence before signing a contract they miss out. And this happens again and again in the daily buying and selling of businesses. Accountants on the Sunshine Coast love business buyers, especially \u2018first timers\u2019, because they know buyers often start talking to them long before they need to and cop a fat fee from the Accountant, even if they miss out on the business. Business brokers always advise a buyer to speak to their Accountant before buying a business, but when the time is right, and the right time is after all terms and conditions are agreed on a contract, not before. In the standard conditions to purchase a business in Queensland, there is a very comprehensive \u2018due diligence\u2019 clause that is basically an \u2018escape clause\u2019 for a buyer to terminate a contract if for any reason they are dissatisfied with the financials of the business, the key word here is \u2018satisfied\u2019. Many a contract to buy a business has been terminated because the buyer hasn\u2019t been \u2018satisfied\u2019. The legal definition of satisfied can be very broad and basically says that the buyer has to dispel any doubt, so when a buyer ascertains that he\u2019s not satisfied, the contract comes to an end. Smart buyers move on a\u00a0 business fast, buyers who are over cautious miss out. Sad, but true.<\/p>\n","protected":false},"excerpt":{"rendered":"

Buyers of businesses are generally a cautious breed of human being. They are sceptical, suspicious and nervous of making the wrong decision. This is understandable especially if the buyer is a \u2018first timer\u2019. They need constant reassurance they they are not buying a \u2018dud\u2019 business, and they always seek professional advice, usually from Accountants\u2019. This […]<\/p>\n","protected":false},"author":1,"featured_media":843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,19],"tags":[],"class_list":["post-840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-news","entry","has-media"],"yoast_head":"\nHE WHO HESITATES IS LOS - 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\/he-who-hesitates-is-los\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HE WHO HESITATES IS LOS - Verified Business\" \/>\n<meta property=\"og:description\" content=\"Buyers of businesses are generally a cautious breed of human being. 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