Buying a Business
PKF can talk through the opportunity you have identified to understand the implications and likely financial return from the business venture. We can help you decide whether it is a worthwhile pursuit and whether the purchase price is reasonable.
It is essential that the financial performance of the business be investigated by experienced professionals and that the risk associated with the purchase is minimised. PKF can help you in conjunction with other professionals such as commercial solicitors to identify risks and work through management strategies with you.
If you have decided to proceed, then we can help you structure the purchase in a way to reduce your risk and work with your legal team to ensure that the purchase documentation properly reflects what has been agreed and limits your financial exposure.
Prior to buying the business it is important to understand the various types of business structures that exist, such as a partnership, family trust or company. PKF can advise you on these structures and work through with you which is the one most appropriate for your situation.
If you have to borrow to buy the business or need funding for vehicles, equipment or working capital, we can help you determine what is required and how it should be structured. Banks and other lenders have different types of loans and asset funding facilities and these can have different tax and GST implications. PKF can advise you on your options and assist with your finance applications or dealings with financiers.
Business Record Keeping
Business record keeping is a very important part of going into business. This is because the financial performance of the business should govern decisions on all aspects of the business ownership and operation. Accurate financial reports allow the correct decisions to be made. We can review the existing accounting system of the business to see if it is appropriate for your ownership.
We work with business owners to ensure that the necessary financial reports are prepared in the most efficient way, having regard to the requirements of business and the owner. We have implemented many simple manual or computerised accounting systems as well as the more sophisticated MYOB, Quickbooks and Xero. It doesn’t have to be complicated or expensive – it just has to be usable by you and provide the right answers.