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Looking for a business to purchase

Discussion in 'Business & Startup Investing' started by runtime, 24th Nov, 2008.

  1. runtime

    runtime New Member

    Joined:
    5th Jun, 2008
    Posts:
    1
    Location:
    Melbourne, Vic
    Hi all,

    My partner and I are looking for a business to purchase in order to diversify into more active streams of investments and reduce our reliance on our jobs as our primary source of income. We have backgrounds in IT, process, finance and accounting and we're hoping to find a business where these skills might be used to improve operations. We're fairly open to different businesses although my preference is something outside food services since that seems fairly high risk to me - although that could be a misconception.

    My primary question is where is the best place to look for businesses which are for sale? Is there a good web site or is it better to approach business brokers? Can anyone recommend an accountant who is versed in this kind of thing who can provide some advise?
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    Try trade shows for additional ideas. Other than that check with brokers, internet and newspapers (likely you are doing this already).

    You seem to have quite diverse backgrounds which will make managing a business easier - whatever industry it is in.

    You really need to do your due diligence with the purchase of any business, and having a specialist in this area would definitely help.

    A few thousand spent upfront could save you tens of thousands in the long run.

    If you do find a business you would be interested in, ask the current owner if you can work in the business for a couple of weeks before committing to purchasing - then there is nothing they can hide!

    If you lived up this way I would offer my services, as even though I am not a due diligence specialist, I have an uncanny ability to dig out any weaknesses in a small business - financial or non-financial.

    Good luck in your search.
     
  3. zippy

    zippy New Member

    Joined:
    8th Oct, 2009
    Posts:
    3
    Location:
    London
    I think all businesses are for sale.
    The price might be too high but it is still for sale.

    I think you need to think more about what you want to do. this is the best time to decided what you want to do. After that I'm sure the business and money will follow.

    Did you want to quit you current jobs?
    maybe investing and becoming directors in an existing business is a better idea