Buying a business is one of the most significant decisions you’ll ever make. Many business owners feel overwhelmed by the complexities, from understanding financial statements and negotiating fair purchase prices to ensuring tax efficiency and structuring the acquisition for long‑term success.
Our Perth-based accountants and business advisors are available to assist you, using their first-hand experiences to help make your journey into business ownership a success.
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Tax Minimisation Strategies ReportThe rest of this page is dedicated to providing you with an overview of the typical problems and associated solutions with regard to buying a business. These apply whether you are buying a business in Perth, elsewhere in WA or across Australia.
We’ve helped countless people along the business acquisition journey and stand ready to help you. When you’re ready to talk, book a meeting or send an enquiry.
The Problem:
When you’re considering buying a business, questions immediately arise: Are the financials as healthy as they appear? Could hidden liabilities derail your investment? Will the purchase structure suit your future growth plans? Without clear, specialist advice, you risk making costly decisions that could jeopardise your new venture’s success.
Our Solution:
At Munro’s, we take a holistic, problem‑solving approach. We work with you from the initial assessment through to closing the deal. Our process includes:
Key Outcomes and Benefits:
The fear of missing out is so powerful and can lead people to make terrible decisions. Buying a business requires you to put a lot of wealth on the line. You’ve got to think clearly and sceptically.
Solution
Be sceptical.
Outcome
Reduce the chance of buying an overpriced / non-profitable business.
video key points
Presented by: Mike Beer
video transcript
Transcript available on the Business Acquisition Advice page.
How are you going to fund the purchase of the business? Do you need extra funds to satisfy ongoing financial obligations? What additional liabilities, guarantees and risks are you going to take on? Will you have sufficient cash to survive and eventually thrive?
Solution
Appropriate funding.
Outcome
The money you need to survive and thrive.
video key points
Presented by: Sanjay Nair
video transcript
Transcript available on the Financing a Business Acquisition page.
Tax is generally unavoidable, but the amount of tax you pay in the future will be heavily influenced by decisions made now.
Solution
Setup tax planning.
Outcome
Bare minimum tax.
video key points
Presented by: Rama Yudhistira
video transcript
Transcript available on the Tax Planning for New Businesses page
Operating a business increases exposures to extra liabilities and requires safeguarding of existing and new wealth as best as possible.
Solution
Basic asset protection + optionally advanced protection.
Outcome
At least the bare minimum wealth protection you should have.
video key points
Presented By: Saul Segal
video transcript
Transcript available on the Asset Protection for New Businesses page.
When arranging a due diligence, you should really follow the classic wisdom: you can’t just look at the iceberg above the ocean surface because there is so much hidden and dangerous below.
Solution
Comprehensive due diligence.
Outcome
Make a fully informed decision and know what you’re getting into.
video key points
Presented by: Mike Beer
video transcript
Transcript available on the Due Diligence Advice page.
Whether you’re going into business with family or friends, it’s important to recognise that business life and the stresses it brings will give rise to new and sometimes challenging issues.
Solution
Clearly defined and understood intent with a proactive dispute resolution agreement.
Outcome
Mitigate the potential of messy and costly future disputes.
video key points
Presented By: Rama Yudhistira
video transcript
Transcript available on the Shareholders Agreement page.
We cannot stress enough how vital it is to setup an accurate accounting system from the beginning.
Solution
Startup bookkeeping.
Outcome
Clean financial information from the beginning as opposed to a costly, uninformative mess.
video key points
Presented by: Rama Yudhistira
video transcript
Transcript available on the Business Bookkeeping page.
Employment, tax and superannuation laws impose a heavy burden on employers and you must give this responsibility the attention and care it requires.
Solution
Skilful and pragmatic support with implementing employment basics.
Outcome
Legally compliant employment arrangements.
video key points
Presented by: Saul Segal
video transcript
Transcript available on the Payroll Accounting & Employing People page.
There is no one who knows everything about business. From the moment you buy your business, you’ll need to continually upskill to meet the challenges. Don’t start from scratch; tap into the knowledge and learnings of others.
Solution
Sprints, blended learning, community insights and coaching.
Outcome
The best leader you can become, as quickly as you can get there.
video key points
Presented By: Drew Pflaum
With Thanks To: Ayman Al-Abdullah
References page.
video transcript
Transcript available on the Business Improvement Workshops, Sprints & Programmes page.
What are the first steps in buying a business?
Before proceeding, you should conduct preliminary research, understand your financial capacity (can you get a loan) and arrange for specialist advice. We help you assess whether a business aligns with your growth plans.
How do I know if a business is fairly valued?
Our valuation process uses multiple methods to ensure accuracy, considering cash flow, assets and market trends. We compare industry benchmarks to determine a fair price.
What if I find hidden liabilities during due diligence?
Identifying risks early is crucial. We advise on mitigating strategies and this may allow you to renegotiate terms based on unforeseen liabilities, ensuring you don’t overpay for potential risks.
How can tax planning help when buying a business?
Effective tax planning can significantly reduce your tax burden in the future. We work with you to structure the deal in a tax‑efficient manner, ensuring you take advantage of all applicable concessions and deductions.
Are your services available only in Perth?
While Munro’s is proudly based in Perth with deep local expertise, our compliance and advisory strategies are effective for businesses throughout Australia.
What makes Munro’s approach different?
We are known as “The Professional Problem Solvers” because we focus on understanding your challenges and crafting tailored solutions. Our approach is transparent, value‑driven and backed by over 100 Google reviews praising our responsiveness and specialist advice.
How can a business accountant help improve my profit following the acquisition?
Our specialists don’t just crunch numbers; we provide actionable insights that can help optimise your operations, reduce unnecessary expenses and ultimately boost your profit margins.
What is the price for your structuring and due diligence service?
Our pricing is transparent and reflects the complexity of your needs. Please visit our pricing page and contact us for a personalised quote.
How long does the buying process usually take?
Every acquisition is unique. Generally, the process can take several months from initial enquiry to final settlement, depending on whether you’ve already identified a target acquisition, your access to business loans, the complexity of due diligence and negotiations.
Can you help if I’m considering a franchise purchase?
Absolutely. We have assisted many clients in purchasing franchises by evaluating their financial performance and negotiating favourable terms.
First Session is FREE (incl. GST)
Upskilling Event for Business LeadersClaims of being a ‘Top 2% ranked Australian Accounting Firm‘ (and similar claims) are based on two separate assessments conducted by Munro’s on 9-10 August 2023 and 1 December 2023. The ranking is derived from a comparison of the total of each accounting firm’s overall star rating multiplied by each firm’s quantity of reviews as shown on Google Maps. A total of 4,235 Australian accounting firms listed on Google Maps were identified for the earlier assessment, and a total of 4,301 for the latter assessment, which may not represent a complete list of Australian accounting firms. Munro’s claims are based on Munro’s best estimation and represent a snapshot collected at the time of each assessment. If the assessment was to be conducted today, then it is likely that Munro’s ranking would have changed – Munro’s may or may not be in the Top 2% today. Also, the methodology does not account for other potentially relevant factors such as quality of service, expertise, or client satisfaction beyond Google Maps reviews.
video key points
Presented by: Drew Pflaum
video transcript
In December 2023, we conducted a review of Australian accounting firms on Google Maps, based on star rating and quantity of reviews.
Out of the 4,301 Australian accounting firms we identified on Google, Munro’s ranked number 44, placing us in the Top 2% of Australian Accounting Firms. We’re thrilled to share this fact with you and share those reviews on our website. We’d also like to thank all our clients who left us those wonderful reviews.
Thank you.
I have to give a shout out to Munro’s. They were very professional and quick to respond to my tax and accounting questions. Awesome job guys, Thanks 👍
As soon as I saw that Munro’s were recommended by the cryptocurrency tracking app CoinTracking for tax advice, I knew they must be absolute pros.
Munro’s will be my accountants for life now. Nothing was too much trouble and everything has gone so smoothly.
Here’s what Carl fixed for me for my latest tax return:
reconciled complex history from various crypto exchanges, some of which are now defunct, which I had spent several days trying to get various AI models to assist with to no avail
fixed my balance issue in CoinTracking to accurately reflect my position
Corrected purchase and sales history for employee shares scheme
Adjust various mistakes from my previous accountants and carry forward the adjustments
Scrutinised previous tax returns to adjust missed capital losses from a kitchen renovation completed over a decade ago on an investment property that can now be used to offset future capital gains.
Provide clear advice on every single thing I asked with no hesitation. It’s so obvious that these guys have seen it all and done it all.
Because I’m with Munro’s now, I feel SO much more confident about some big financial moves where the nightmarish tax implications would otherwise boggle the mind.
Thank you so much!
By the way, I wasn’t asked to do this review or sent one of those “please review us on Google” emails. I am posting this because I’m so happy with the service I was provided, it sells itself and I suppose a perfect 5 star rating with 140+ reviews is a testament to the fact that all of Munro’s customers have a similar experience to me. If you have complex tax affairs I don’t think you’ll find anyone better.
Excellent advice with very skilled accountants. Not too expensive, for such a specialized and sophisticated service. Committed to the customer, always very professional and helpful. Highly recommended!
Mike has been most helpful and professional with our accounting, superannuation and taxation affairs. We had transferred some years ago from a less than professional person and now very pleased to be with Munro’s. Congratulations on 50 years and best wishes for a long and successful future.
I have been a Munro’s client for the past few years and they have professionally and patiently assisted me with complicated crypto tax returns. Everyone on their team is extremely friendly and I highly recommend Munros to anyone.
We are 3rd generation clients.
Munros are more than accountants they have a general interest in the wellbeing of our business.
Munros are forward thinking business organisers and friends
We wish them well for the next 50 years
Christine Prasetia is extremely efficient, always on hand with advice and is a pleasure to work with.
A big shout out to Mike and his team at Munro’s for the outstanding work you’ve done on our accounts and returns!!
From our very first interaction with Mike, we had a great feeling about engaging with Munro’s, and you’ve more than delivered.
It’s been such a relief to know our business and personal accounts are in such capable hands.
Highly recommended.
This is such a great team! I was behind in my crypto accounting and I received clear instructions and assistance to bring all of my accounting up to date this year. I recommend Munro’s to everyone, especially people using crypto currency. This team are experts in this field!
Munro’s are an honest, reliable, on the ball, and personable business. The family feel engendered has been highly regarded by our family for over 40 years.
Congratulations on a significant and well deserved creditable milestone, with best wishes for what we are sure will be a successful future.
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