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  • #999731
    Tripti
    Member
    • Total posts: 5

    Hi!

    Im planning on buying an existing e commerce business.

    I have been researching in the different aspects involving in validating the details mentioned.

    Im unsure how to be 100% sure, is there anyone i can get help from professionally?
    Please help.

    Many thanks

    #1221105
    JamesMillar
    Participant
    • Total posts: 1,675
    Tripti, post: 267012, member: 115670 wrote:
    Hi!

    Im planning on buying an existing e commerce business.

    I have been researching in the different aspects involving in validating the details mentioned.

    Im unsure how to be 100% sure, is there anyone i can get help from professionally?
    Please help.

    Many thanks

    Perhaps if you could clarify.

    Do you need (a) financial assistance with evaluating / verifying their financial performance or (b) tech assistance in evaluating condition of the code / platform etc?

    Different people. Accountants for the financial and IT software people for the tech.

    If you need the financial side drop me a line.

    #1221106
    Paul – FS Concierge
    Moderator
    • Total posts: 3,120

    Good luck [USER=115670]@Tripti[/USER] – doing due diligence on a business sale is very important because of the risk and money involved.

    Seeking an Accountant with experience doing business valuations is advisable.

    #1221107
    JamesMillar
    Participant
    • Total posts: 1,675

    Another note – you may be interested in trying our Beta V1 Business Readiness Score. It has 15 quick questions online and will give you an immediate score out of 100. No email addresses needed its purely intended as a tool to help you evaluate business risk and readiness. Might help you identifying major risk areas.

    https://www.360partners.com.au/business-readiness-score

    #1221108
    Tripti
    Member
    • Total posts: 5
    Paul – FS Concierge, post: 267016, member: 78928 wrote:
    Good luck [USER=115670]@Tripti[/USER] – doing due diligence on a business sale is very important because of the risk and money involved.

    Seeking an Accountant with experience doing business valuations is advisable.

    Thank you for that! Will keep that in mind Paul.

    #1221109
    JacquiPryor
    Member
    • Total posts: 2,344

    [USER=5318]@JamesMillar[/USER] – very nifty tool!

    Would you mind if I shared the link in a few business groups I am in on Facebook? Am member of a few targeting start ups and think this would be a valuable tool for them to see.

    #1221110
    Tripti
    Member
    • Total posts: 5
    JamesMillar, post: 267014, member: 5318 wrote:
    Perhaps if you could clarify.

    Do you need (a) financial assistance with evaluating / verifying their financial performance or (b) tech assistance in evaluating condition of the code / platform etc?

    Different people. Accountants for the financial and IT software people for the tech.

    If you need the financial side drop me a line.

    Hi James!

    Thank you for hour help.

    I would like to start with financial assistance since it’s important to know what the business revenue is.

    Regards

    #1221111
    Tripti
    Member
    • Total posts: 5
    JacquiPryor, post: 267020, member: 20176 wrote:
    [USER=5318]@JamesMillar[/USER] – very nifty tool!

    Would you mind if I shared the link in a few business groups I am in on Facebook? Am member of a few targeting start ups and think this would be a valuable tool for them to see.[/QUOT

    Sure i have no issues if you’re question was for me.

    Would it be possible if you could blur / remove my name if your posting the whole post.

    Thank you

    #1221112
    JamesMillar
    Participant
    • Total posts: 1,675
    JacquiPryor, post: 267020, member: 20176 wrote:
    [USER=5318]@JamesMillar[/USER] – very nifty tool!

    Would you mind if I shared the link in a few business groups I am in on Facebook? Am member of a few targeting start ups and think this would be a valuable tool for them to see.

    Hi Jackie – yes go for it. We have a few refinements to make around weighting certain questions but V1 is better than V none.

    #1221113
    JacquiPryor
    Member
    • Total posts: 2,344

    Absolutely. I see a lot of posts in these groups (I’m sure you’re familiar with the type… I wanna take the plunge, but…”) your V1 is, if nothing else, a nice succinct list of things people SHOULD be thinking about… I think it will come in handy for quite a few folk!

    #1221114
    bb1
    Participant
    • Total posts: 4,472
    JamesMillar, post: 267017, member: 5318 wrote:
    Another note – you may be interested in trying our Beta V1 Business Readiness Score. It has 15 quick questions online and will give you an immediate score out of 100. No email addresses needed its purely intended as a tool to help you evaluate business risk and readiness. Might help you identifying major risk areas.

    https://360partners.formstack.com/forms/business_readiness_score

    Great idea [USER=5318]@JamesMillar[/USER]

    #1221115
    JamesMillar
    Participant
    • Total posts: 1,675
    bb1, post: 267025, member: 53375 wrote:
    Great idea [USER=5318]@JamesMillar[/USER]

    Thanks Bert I think its helpful too. I wouldn’t call it groundbreaking in terms of the content or concept but we couldn’t find anything simple around so decided to knock this up within formstack. Each one of these questions has probably been debated endlessly over the years on this forum so bringing it into one tool could be 60 seconds well spent for many.

    We will apply some weighting to certain questions but they all produce equal outcomes at this point (which is not producing any major issues but I certainly consider some of those items more important than others). The most important is the first about solving pain points and it probably deserves more weighting. How many small business people do we all come across that haven’t truly (regularly) considered and reviewed what problems that are actually solving for their customers. My firm have even been guilty of this but fortunately realised a few years ago and started making some changes to improve.

    #1221116
    JamesMillar
    Participant
    • Total posts: 1,675
    Tripti, post: 267021, member: 115670 wrote:
    Hi James!

    Thank you for hour help.

    I would like to start with financial assistance since it’s important to know what the business revenue is.

    Regards

    Well congrats because you are already reducing the risk of this venture for you by recognising the importance of the numbers and evaluating them carefully BEFORE you make a decision. Obviously professional advice can be a big help as well. You would be amazed how little research and analysis people do before making small business investment decisions and its a big contributing factor to failure. Best of luck

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