Once you’ve bought a business, you can’t give it back if you don’t like it, or if it’s not right for you. It’s not like buying a car, there isn’t any warrantee, and there is no instruction manual. So when you decide to buy a business you need to get good advice and guidance from experienced, caring, professionals before making the commitment. Be prepared to listen to the advice that is given to you, and be prepared to implement that advice.
It’s a fact of life that you get what you pay for, and this is absolutely correct when buying a small business. Don’t try to save a few dollars by either not seeking professional assistance, or by choosing an advisor simply because they are the cheapest.
Take the time to seek out the advisor that you feel most confident with. Someone that you feel really listens and understands your position, your goals, and your requirements. It can take a long time to find the right group of people but it is essential that you take the time, and seek-out the best people, and put together the right team for you.
All the most successful business owners in the world will tell you the same thing – surround yourself with good people. Do not settle for second best. Don’t stick with a professional advisor just because they have been with your family for years, or because they are a friend or relative – use them because they are the best. This is what Richard Branson always recommends.
You will need to put together a team of advisors which includes:
· A solicitor or lawyer
· An accountant
· A financial planner/superannuation consultant
· A financier
· A marketing advisor, or business planner.
· A business coach
Remember to put the best team together. Think of it like putting together a cricket team, or a football team – you are the selector. Have high standards, and expect the total attention from these people. You are their client, so expect them to look after you properly…………It will make a huge difference.
If you are thinking about purchasing a business, head over to our website www.benchmarkbusiness.com.au and view hundreds of small businesses we have listed for sale.