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Here are things to consider while buying a business in Australia during COVID-19 pandemic

Inspecting business Source: Getty Images/DragonImages

The pandemic has sent shock-waves through businesses that usually thrive in normal times. But the disruptive nature of viral outbreaks has left some distressed owners eager to offload their burden. Is now a good time to buy a business? According to some, with the right strategies and plans in place, you may be in for a bargain.

Small businesses are the backbone of the Australian economy, contributing 35 per cent of Australia’s gross domestic profit and employing almost half of the workforce according to a 2019 report by the Small Business and Family Enterprise Ombudsman.

But the threat of community transmissions has struck down businesses, and Victoria, in particular, has been hit very hard. 

Peter Strong, CEO of the small business advisory advocacy organisation, COSBOA, says the pandemic has unfortunately created a bargain hunter’s market. Nonetheless, he urges potential buyers to do their diligence before making any decision.

First thing is to make sure that the business you’re looking at purchasing is viable and that the figures you’re getting from the business are ridgy-didge. You go to an accountant and you ask them to cast an eye over your business figures and tell you whether they make sense or not.

Click on the player at the top of the page to listen to this feature in Punjabi.

People in Australia must stay at least 1.5 metres away from others. Find out what restrictions are in place for your state or territory.

Testing for coronavirus is now widely available across Australia. If you are experiencing cold or flu symptoms, arrange a test by calling your doctor or contact the Coronavirus Health Information Hotline on 1800 020 080.
The federal government's coronavirus tracing app COVIDSafe is available for download from your phone's app store.

SBS is committed to informing Australia’s diverse communities about the latest COVID-19 developments. News and information is available in 63 languages at http://www.sbs.com.au/coronavirus

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