Buying a business is an exciting time of opportunity and growth, but it’s not always the simplest or most straightforward affair.
There can be piles of paperwork to fill out, and plenty of agreements, information, and contracts to inspect before signing on the dotted line. To make things slightly more complicated, there are some variances between a business for sale in NSW compared with a business for sale in Victoria when it comes to red tape, so it’s important to be aware of them if you’re new to the state where the business is located.
In every state, the general process will include:
- Bringing on a team of advisors
- Researching the company and local market
- Finding the local regulations and approvals required
- Determining the transition structure (buying the assets or the equity)
- Determining the business structure (trust, partnership, joint venture etc)
- Create and enter agreements (including confidentiality and the sale agreement)
- Comply with all sales requirements and obligations
Before we get into each a state-by-state breakdown of running a business, there’s one website we highly recommend to anyone starting or taking over a business in Australia. The Australian Business Licence and Information Service (ABLIS) is a fantastic resource for business buyers, as it can help you to identify the exact local licences and permits you need for your area, and the type of business.
Read on to learn where to find more information on buying a business in each state and territory.
New South Wales
If you’ve found a business for sale in Sydney or elsewhere in New South Wales, you’ll need local advice from a professional who knows the ins and outs of the state rules. You may enlist the help of a lawyer, accountant, or other industry expert such as a business broker.
There are several places you can go to for help. In New South Wales, the Department of Industry Business Connect website covers a range of business information. Business Advisory Services offers assistance and networking opportunities, and you can get in touch with your nearest Business Enterprise Centre for advice and support.
Should you find a business for sale in Brisbane or anywhere in Queensland, you’ll need to tick the boxes for local regulations when you make the purchase. This varies depending on where you’re buying, the business itself and how you plan to operate.
Business Queensland offers general advice for anyone looking to start or take over a business in the state.
Victoria offers a range of helpful services for when you decide on a business for sale in Melbourne or elsewhere in the state.
Consumer Affairs Victoria is a good place to start to learn how to comply with government regulations, and the Small Business Centres Victoria Network can add advice for any not-for-profits throughout the state.
When you’re considering a business for sale in Adelaide or anywhere throughout South Australia, you’ll need to check in with the local authorities to see which specific laws apply to your purchase.
Here, you can browse the Department of State Development’s website for a wide variety of information and assistance for business owners throughout South Australia. Your nearest Business Enterprise Centre also offers low-cost support and advice for buying and running a business.
The Australian Capital Territory
There are numerous resources available for those in the ACT when it comes to securing a business for sale in Canberra.
Canberra BusinessPoint is a fantastic organisation that offers businesses in the ACT free access to mentoring and advisory services, which can be a good first port of call for information. Canberra also has a General Business Advice and Support site that lists various programs, incentive schemes, and assistance services in the territory.
For those making a purchase in the Northern Territory, it will largely depend on the exact location of the business, and the type of business, as to how you go about buying a business and setting it up.
Fortunately, as well as any professionals you hire to help you with the transition, there are a number of resources that can offer additional advice and information. The Territory Business Centre is a good place to start for general advice, and the Territory Business Growth Program offers information on development and funding services.
For those looking to invest in a business for sale in Perth or elsewhere in the region, Western Australia offers a handful of assistance programs and groups that can help you through the process, and with advice and resources for running the business.
You may also want to consider looking into the Small Business Development Corporation, which offers programs to help small businesses.
If you’ve got your eye on a business for sale in Tasmania, the Department of State Growth may be able to help you find the information you need to make the purchase.
Business Tasmania also offers helpful advice for business owners in the state.
Author: Hayley Clark
SEO Content Specialist
Hayley Clark is a content writer born and bred in New Zealand. She has been writing, editing, and working in SEO for over five years, for a myriad of companies, including Virgin Money, Thrifty, Destination New South Wales and Michael Page.