Start Ups and Due Diligence
If you have an exciting business idea you have always envisaged as being successful, but are unsure where to begin – you are not alone. The team at McKinley Plowman are ideally placed to offer assistance.
Being cautious is normal, and you may be asking questions like ‘Will my financial goals be achieved if I follow my business dream?’. The truth is, not always. That’s why it’s important to depend on advice from professional accountants with expertise in due diligence and start-up due diligence in Perth and Joondalup.
McKinley Plowman offers extensive professional advice for start-up ventures as well as detailed due diligence for buying a business. This advice includes extensive market information on a given venture, a review of a potential business or business activity, negotiation services, extensive financial analysis of a business, liaison with legal advisers, advice on appropriate business structures and assistance in setting up business systems.
Due diligence evaluates and verifies the fine detail affecting a business and is a crucial step before starting a new business venture. This confirms that your financials are in order, while informing you if your profits will be sustainable. McKinley Plowman’s accountants in Joondalup check and cross-check everything from leasing arrangements, employee entitlements, location and warranty claims, trading competition, goodwill, and prospects for capital growth. We go one step further by analysing the financial statements for three or four years to look for inconsistencies. Our dedicated staff also call on legal advice to ensure there is nothing restrictive in leases or any other agreements that will impact on a business’ profitability.
After ascertaining the true value of a business and a reasonable asking price, our professional accountants in Perth offer services in negotiating. This can include initial verbal negotiations and then follow-up with solicitors to draft purchase agreements.
Once arrangements have been finalised to either purchase an existing business or start-up a new one, our professionals advise clients on the most suitable business structure – whether it be sole trader, partnership, company or trust. Upon finalisation of a business entity, we assist with setting up effective administration, running systems and procedures for record keeping, employment of staff, business activity statements and Goods and Services Tax.