Home – New Forums Find the help you need Buying a business

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  • #983674
    GuesthouseJo
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    Any ideas on who can help negotiate buying a guesthouse? Or guide me through the process. At what stage should I get a solicitor involved? Even before offer?

    #1143659
    Sydney Business
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    If it is trading I would have your accountant looking over the books regardless and you should have a solicitor engaged to look over the contact too.

    These are two professionals that need to be with you from the beginning.

    #1143660
    James Millar
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    Hi There

    Definitely an accountant first to undertake some basic due diligence on the numbers, the valuation and sale financial conditions.

    Apart from the benefit of having a professional review the financial model and prospects there can be significant issues with regard to GST for (a) buying a business and (b) the GST status of commercial residential premises (yes they have their own GST classification). Depending on the number of rooms, zoning, facilities etc it may fall into this category – which may be good or bad depending on your circumstances.

    A good accountant can engineer the right outcome for you. We’ve handled a few in this space so more than happy to discuss your needs.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1143661
    CindyK
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    • Total posts: 155
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    Hi,

    Definitely have an accountant involved and a solicitor. Another suggestion is to look for a Business Broker who can guide you through the process.

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