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What should I consider when buying a business?

1. Think about what kind of business you are thinking of buying. Ask yourself if you have the relevant knowledge, experience and management skills to operate and manage a business in that particular industry;

2. Consider the kind of legal structure that the business is operating as;

3. Think about why the business is being sold and if there are any existing factors that might impact your success as its new owner – as with anything, consider the risks! Do your due diligence, think about any external factors that might affect the smooth sailing of the business, such as the location, competition, council regulations and any relevant legislation;

4. Plan ahead financially. Think about whether you are financially stable enought to purchase and then run the business.

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Lachlan McKnight

Lachlan McKnight

CEO

Lachlan is the CEO of LegalVision. He co-founded LegalVision in 2012 with the goal of providing high quality, cost effective legal services at scale to both SMEs and large corporates.

Qualifications: Lachlan has an MBA from INSEAD and is admitted to the Supreme Court of England and Wales and the Supreme Court of New South Wales.

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About LegalVision

LegalVision is an innovative commercial law firm that provides businesses with affordable, unlimited and ongoing legal assistance through our membership. We operate in Australia, the United Kingdom and New Zealand.

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    2023 Fast Firms - Australasian Lawyer

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    2022 Law Firm of the Year - Australasian Law Awards

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    2020 Excellence in Technology & Innovation Finalist - Australasian Law Awards

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    2020 Employer of Choice Winner - Australasian Lawyer