Business Review
Tax Checklist
2022 - Tax Checklist
To assist in completing your tax return, we have a checklist that will help you with what you need to provide us. Find out more
Virtual Tour
- Virtual Tour
Take a tour and explore our office Find out more
Buying a Business

If 'done properly', buying a business can be very exciting, rewarding and life-changing.  If 'not done properly', it can also be life changing, but for all the wrong reasons!!

Quite often a prospective buyer of a business lets the excitement get the better of them and they do not complete the necessary homework or they 'let their hearts rule their heads' and they overlook some negative aspects.  We believe that buying a business is too serious a decision to take short cuts.

Some of the more common mistakes people make when buying a business are

  • they pay too much
  • they get 'excited by the dream and don't see the warts'
  • they run out of cash within 6 months
  • they are not properly structured and lose their house
  • they set it up in such a way that it becomes difficult and costly to sell
  • they don't properly read or understand the Purchase Contract or Agreements
  • if they are buying with someone else, non-aligned owners wan to take the business in different directions

If you're buying a business for the first time the chances are you will underestimate how disjointed and lumpy your cash flows will be.  The problem is that your outflows will be fairly consistent (eg debt repayments, staff wages, rent, insurances, GST payments, household expenses etc etc).  It is often said about business owners that they are the last ones to be paid each week!

Also, there are many aspects to business risk that owners don't always consider.  These risks are either internal to the business or external to the business and unless you are experienced at 'business risk analysis' you WILL overlook some of these risks.  We have various tools that help you identify and assess these risks.

Don't buy a business until you're sure you've addressed ALL of these areas (and more!).  Speak to us for independent advice.  Our friendly, professional team will help you enjoy the process of buying your business.

See also "Acquisitions and Mergers" under our Specialist Services.

< Back to Specialist Services



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What our clients say...
  • “It would be fair to say that we have thrown a large variety of challenges at Maclean Partners since we partnered with them in 2017. Our direct contacts in Paul, Cherie and Tina have accepted each of our challenges with a high level of dedication and commitment. They have listened intently to understand our briefs and from there we have worked closely as a team to achieve the best outcome for our business, our staff and our clients. Maclean Partners are a welcoming and client focused organisation with a high calibre and dedicated group of accountants and support staff – and best of all, we really enjoy working with them.” - Read more
    - Luke St. George, St. George Project Services
  • "Maclean Partners are very knowledgeable accountants who are always attentive and keen to learn more about how to improve our business. John and his team offer sound advice about tax and general accounting, as well as helping structure and manage the financial aspects of the business to our advantage". - Read more
    - Tony Pascoe, NQ Foot and Ankle
  • "We've worked so hard over the past 10 years to get the business to where it is and sometimes you can't see the forest from the trees. Thanks to the Maclean Partners and the 90 Day Business Challenge, I found each module so helpful and the self-paced online aspect combined with the face to face coaching and workshops worked really well for us. - Read more
    - Nelly Evans,Powdercoat Select
  • "Nelly (my wife) told me she had signed up for some business training and I told her it was a waste of time and money. I wasn't interested in doing it at all because both our businesses are firing on all cylinders, but to show her support, I went along to the first workshop and I was impressed. Nelly and I have been doing a lot of talking, but we realised that we never had the right mindset to take action. - Read more
    - Glenn Evans, The Fencing Factory
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