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.
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