Buying Process

A clear guide to what happens when you decide to purchase a business.

Making an Offer Under Contract

After communicating with the Business Broker and finding the business that is suitable to your needs, the next step is to make an offer under contract. This will generally be handled by the Business Broker.

What you need for the contract process is:

The name of the person, partnership, trust or company that is going to buy the business
Name and contact details of your solicitor (not absolutely necessary at this point)
Name and contact details of your accountant (not absolutely necessary at this point)
What your offer is going to be (how much you are ready to pay for the business)
What date you would like to settle on the business
Whether your offer is subject to finance or a cash offer
What period of tuition or training you would like (normally 2 weeks before and after settlement)
What special conditions you would like included in the contract

Talk to your Business Broker. They have working knowledge on contracts and can assist in a number of ways.

Next Steps in the Buying Process

Draft contract presented to buyer for approval by buyer and/or solicitor
Changes made to the draft contract if necessary as approved
Final contract to be signed by the buyer and deposit paid
Final contract to be agreed to and signed by the seller and/or solicitor
Due diligence to be carried out and approved by the buyer
Lease negotiations if required to be carried out by the buyer or solicitor with the landlord
Approval for finance is required if necessary
Approval of assignment of the lease or new lease is required
Any other special conditions to be satisfied by the buyer and the seller
Contract becomes unconditional
Training period to commence prior to settlement
Settlement occurs
Further training as required

The selling process can be as little as six weeks or up to twelve weeks depending on the length of time each process takes.

Franchise sales can take considerably longer, as the Franchisor also requires certain information before approval of the sale to the Buyer can take place.

Need Support?

Unsure about what to do, call any of the Business Brokers Network Australia Partners to discuss your concerns.

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Buying Process

Making an Offer Under Contract

Next Steps in the Buying Process

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