When you decide to purchase the business you need to make an offer to the seller. If your offer is accepted you then need to have the business transferred into your name.

Offer and acceptance

There is no "approved" document that needs to be used when a business is being sold; however, if you choose not to engage an agent, a lawyer can draw up a legally binding offer and acceptance. Ensure that all promises or undertakings given by the vendor are evidenced in writing for your own protection.

Your lawyer can provide legal advice on both the lease for the business premises and the offer to purchase, and recommend appropriate conditions to be written into an offer, which if not fulfilled, will enable you to withdraw your offer without penalty.

Completion

After you reach an agreement on the price and terms of the sale you need to organise the transfer of licences and registrations. The federal, state and territory and local governments are all responsible for the different licences, permits, registrations and certificates that apply to businesses.

For more information on licensing in Western Australia go to the Business Licence Finder 

What's next…

• Evaluate the feasibility of the business idea
• Think about your business plan 
• Think about how you would market the business