We have helped some clients find the right business within six months while, for other clients, it has taken over three years.
The key phrase is ‘the right business’; I’m sure we could speed up the process if our aim was just to help our clients buy ‘a’ business, but that’s not our job.
In this video I explain why it's important not to rush into buying a business, and share four tips for managing risk during the business buying process.
So, how long does it take?
Buying a business should take as long as it needs to take to find the right business for you.
Be prepared to invest in independent advice from an advisory, valuation or accounting business, to pressure test your views, support your decision making and balance your important emotional reaction with objective data.
Resources to help you manage the purchase process
We have produced a number of free resources to help our clients and subscribers when buying a business:
- Buying a small to medium-sized business eBook
- How to conduct due diligence on a business purchase eBook
- Business Buyer’s Checklist
- Buying a Franchise Planning Sheet
- Buying a Business Planning Sheet
- Due Diligence Checklist
You can download these and other free resources from our online Resource Library.
If you would like advice about any aspect of buying or selling a business, contact the team at JPAbusiness on 02 6360 0360 (Orange) or 02 9893 1803 (Parramatta) for a confidential, obligation-free discussion.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.