5 steps you need to follow to buy a business - Guest Katrina Hulsebosch - Director Harris Tate Lawyers

Are you about to purchase a business? Quickly listen to this podcast; Katrina Hulsebosch, Director at Harris Tate Lawyers, has curated five key points to consider before signing a contract. Point 1 People - it is essential to consider the people who make the business operate/grow. You must understand if the key staff will stick around when purchasing the company. Can the team operate without the owner?  Point 2 Clients/Customers - Do some research, check council long-term plans, see if any significant customers/contracts are about to finish, and understand who your customers are and whether there are any red flags. Point 3 Financials – Get a professional to look at financials. Dig deep, check weekly labour hours, and check if it stacks up. Go back to 5 years if possible.  Point 4 Contracts – Look at what has been committed. For example, if the location is key to the success of the business, make sure you can lease the building for many years to come; what infrastructure has been written into the contract, for example, EFTPOS machine, tools, vehicles, software, subscriptions, photocopier, and kitchen equipment.  Point 5 Legal Structure for purchase - Our advice here is to consult a professional!