Accountants for Buying a Business

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.

BOOK A FREE MEETING WITH A BUSINESS ACCOUNTANT

 

Most Popular Accounting Services for Business Purchases

Pre-Purchase Sanity Check & Structuring Advice

 

From $2,000 (excl. GST)

Business Acquisition Advice

Due Diligence Advice

 

From $5,000 (excl. GST)

Due Diligence Service

Advanced Tax & Asset Protection Strategies Report

 

$4,000 (excl. GST)

Tax Minimisation Strategies Report

Advice from Accountants for Buying a Business in Western Australia

The 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:

  • Comprehensive Due Diligence: We review financial records, assess cash flow and identify potential risks.
  • Tailored Acquisition Advice: We guide you through negotiations, assist with business valuation and recommend the optimal purchase structure, ensuring that the business fits your growth ambitions.
  • Tax & Compliance Strategies: Our specialists ensure that every transaction complies with Australian tax laws and that you benefit from available concessions and planning opportunities.
  • Ongoing Support: After the deal is closed, we continue to support you with business advisory and accounting services that help you integrate your new acquisition smoothly, attend to ongoing accounting and tax, and plan for future growth.

Key Outcomes and Benefits:

  • Informed Decision-Making: With our thorough due diligence, you gain a clear picture of the business’s true value and potential.
  • Risk Mitigation: We identify red flags early so that you can avoid costly pitfalls.
  • Optimised Structure: Our recommendations not only protect your investment but also set the stage for tax efficiencies and long‑term business growth.
  • Peace of Mind: With Munro’s by your side, you can focus on the opportunities ahead, confident that you’re making a secure investment.

Problem 1: FOMO

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.

Problem 2: Financing

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.

Problem 3: Setup for Future Tax Success

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.

Problem 4: Assets & Liability Protection

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.

Problem 5: How to De-risk

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.

Problem 6: Going into Business with Others

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.

Problem 7: Setup Bookkeeping in Xero, MYOB, Quickbooks, etc

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.

Problem 8: Employing People

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.

Problem 9: Business Ownership Education

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.

Frequently Asked Questions for Buying a Business

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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.

Where To Begin

Get To Know Each Other Meeting

 

FREE (incl. GST)

How We Get Started

Come Along To An Improve Session

 

First Session is FREE (incl. GST)

Upskilling Event for Business Leaders

Are you ready to buy a business?

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Buying a Business Diagnostic

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Munro's, where client service matters

Top 2% ranked Australian Accounting Firm

Play Ranking Explained

  • ★★★★★ — Maneesha Kulasekera

    I highly recommend Munro’s for their brilliance and hard work. Saul, Sanjay and the Munros team are highly capable and passionate in their dealings with their clients and have been a strong pillar in navigating through my Taxes and Accounting over the past few years. They are exceptionally knowledgeable in their field of expertise and up to date with the latest policies/requirements and very easy to work with as they understand the client’s needs. I want to express my sincere gratitude and thanks to especially Saul and Sanjay for their professionalism, great advise, friendly attitude and major efforts in assisting me with my Taxes/ accounting. I couldn’t have asked for a better team than Munro’s.

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  • ★★★★★ — Jim Kozmo

    I’m extremely pleased with the services of Munro’s Accountants. They are professional and easy to work with. My situation was not simple yet they completed the task and have provided me with peace of mind going forwards. I would not hesitate to recommend them. AAAAA+++++

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  • ★★★★★ — Jenny Bourke

    We followed Mike Beer when he joined Munros and have been with them ever since. Mike has been a huge help over many years. He is always available to answer even the most basic/ extraordinarily naive questions, and always with a generous and helpful attitude.

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  • ★★★★★ — Shiny Sheep

    5 Stars from Don. I can’t thank Drew and Brian enough for dealing with my very complex history across multiple years of cryptocurrency trading. This has been across many exchanges, wallets, and my Dash Masternode history also. Drew and Brian have been flawless when fielding my various questions across the months it has taken to work through my complex case load.
    Based in Sydney, I got into cryptocurrency in 2013, and it lead me down a trajectory in life I could never have foreseen. Getting this tax aspect of it up to date will take a layer of stress off my back.

    I highly recommend Munro’s, Perth.

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  • ★★★★★ — Cole King

    Drew is absolutely amazing and very informative regarding tax purposes.
    If you are a NZ citizen and not already an Australian citizen, then you need to book a time with Drew.

    It was a breath of fresh air speaking with Drew as our previous accountants could not relay a definitive answer for some of the questions we had, and Drew answered it without a second thought.

    Seeking information regarding tax can be a daunting subject and not everyone explains it in Layman’s term, and that’s where Drew fits that topic.

    Definitely gained a couple more clients and has definitely earnt our business going forward.

    Thanks Drew 👍🏾

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  • ★★★★★ — Eve Broadley

    Sorry, I can’t join you in your celebration on 1st September.

    However, I wish to thank you for all your wonderful service for more years than I can remember, especially Simon, Carl and Annette.

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  • ★★★★★ — Fay & Steve

    Our Munro’s Experience began approximately 38/40 years ago. Steve’s parents were already customers of Munros, in particular Barry Virgo, and we followed suit.

    For the first couple of years we had several changes of Accountants at Munro’s (we always got the newbies and had to ‘train them up’ to know how to get the best deal from the Tax Office for farmers. We became fed up of this system. Our last newbie was Simon Strawbridge. Well, we got him “trained up right proper” then they wanted to give us the next new one, but we stated we weren’t changing.

    Today, Simon is still our go to man. Whilst we understand there have been many very efficient people working in the background on our business affairs, for which we thank them sincerely, we have always maintained our professional relationship with Simon.

    We have been through some big business changes in our farming adventures over these past 40 odd years, and the advice, help and professional assistance has been 100%. At times we didn’t know who to trust to give us the best business advice and we were fortunate to be able to lean on Simon’s vast knowledge to help us make these decisions.

    Our working partnership of having our taxation needs, investment portfolios, wills, etc. linked in with Munros and the great staff has been successful.

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  • ★★★★★ — Darth Gus

    I have used Munros now for 3 years, and I find them excellent – can highly recommend them to anyone needing a fantastic Accountant!

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  • ★★★★★ — Suthee Saisuwan

    Crypto trading is a new thing and I believe, just like many others I had made lots of mistakes not knowing that trading Crypto is a taxable event. Lucky, there is someone knowledgeable about this matter.

    Great education and support in this challenging time I have received from Drew the man!

    The level of communication is top, accurate and precise. They put their heart into the work to help out their client. Highly recommend if you are seeking a Crypto tax return service.

    Thanks Drew the man and Michael.”

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  • ★★★★★ — Ray Norton

    OVER THE LAST 25 YEARS I HAVE ALWAYS ENJOYED GREAT SERVICE FROM IAN ARBLASTER, ANNETTE WHYTE AND OF COURSE BEN PAUL. THANKS FOR ALL THE SUPPORT. RAY NORTON

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  • ★★★★★ — Ferrante Alvarezdetoledo

    Happy 50 years !!! I joined Munro’s in 1974 just close to when the accounting firm had started, Don Munro was my accountant at the time and helped greatly in all my various problems and successes and he still remained a very dear friend to me; now Simon Strawbridge is looking after me and I can only praise all the work that he has been doing for me not only in accounting, but also in advising my various legal problems and investments.

    I can only say well done to the whole team and hope that I will still be their client in the coming years.

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  • ★★★★★ — Gary Smallacombe

    I can highly recommend Tony and Michael at Munros – they have done my family affairs for several years now and couldn’t be more happier with the service I receive. The quality and professionalism of the work is second to none.

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  • ★★★★★ — Gary Smallacombe

    I can highly recommend Tony and Michael at Munros – they have done my family affairs for several years now and couldn’t be more happier with the service I receive. The quality and professionalism of the work is second to none.

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  • ★★★★★ — Matt R

    Drew and the team made my 2019 tax return easy. They also made an alteration to my 2018 tax return and I had an unexpected return. Highly recommended.

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  • ★★★★★ — Moira and Don

    Munro’s have been our accountants, both for business and personal, for 50 years.  During that time we have been really happy with the work done for us.  The personel have always been professional, welcoming and efficient form the person at the front desk who greets you, to the people who handle your work.

    Congratulations and best wishes for the future.

    PS It does help that Simon supports the right footy team but he is not as good at tipping as he is at accounting!

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  • ★★★★★ — Traviss Orr

    Thanks Drew and Michael, great job 👍

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  • ★★★★★ — Tom Robson

    Drew and the team have been excellent from the day we began our journey with Munro’s. They’ve always been prompt with communication and provide advice that is clear and easy to understand. We’ve been very happy with their service over the last 3 years and look forward to working with them into the future. Thanks Drew, Nick, Simon and Carl!

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  • ★★★★★ — Donovon Shaw

    Thanks very much Rama & Christine! … and Drew 🙂 Although I’m based in Sydney I have been using Munros’ for my SMSF and other accounting matters for many years now and they have always been exceptionally professional, friendly and knowledgeable. I have great peace of mind knowing they have my back especially with some of my more complicated crypto matters. They are up to date with new regulations, always polite and I feel genuinely care about my circumstances. Being in Perth is actually an advantage for me as I’ve often communicated by email and phone after my normal busy working hours which has proved very convenient. Highly recommended!

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  • ★★★★★ — Arky Abbott

    Fantastic work. Professional accountants with incredible response times and excellent advice.
    Perfect service

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  • ★★★★★ — Adrian van Bart

    I came over to Australia with a highly complicated cryptocurrency investing and trading portfolio. I never realised that I had to declare this in my tax returns as I had never cashed out into my bank account. I soon discovered that every transaction is taxable irrespective of whether or not you cash out. I contacted Munro’s in an outright panic and was put through to Cherie and explained everything to her. She immediately put me at ease and took control of my situation. From the start it was evident that I was in the care of a real professional tax consultant. I handed her a nightmare on a plate (3 years of highly complicated transactions) and she seamlessly worked through it. Cherie has incredible knowledge and experience and through this, Munro’s saved us thousands of dollars. I will remain at Munro’s until the very end. Thank you Cherie, you are the most knowledgeable and professional tax consultant that I have ever dealt with.

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  • ★★★★★ — Nicholl & Utley families

    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

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  • ★★★★★ — Cynthia Johnston

    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!

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  • ★★★★★ — Noeline Kellow

    I started working at Munro’s in 1979, spent my life there (besides stopping to have a family) & retired from Munro”s in December 2022. Great place to work & made lifetime friends.

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  • ★★★★★ — Ginny Wu

    Josephine and the Munros team have looked after our accounting affairs for more then 10 years. I am incredibly pleased with the quality of the service they provided. They are professional, trustworthy and patient all the time. Highly recommend Munros.

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  • ★★★★★ — Ginny Wu

    Josephine and the Munros team have looked after our accounting affairs for more then 10 years. I am incredibly pleased with the quality of the service they provided. They are professional, trustworthy and patient all the time. Highly recommend Munros.

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  • ★★★★★ — Shelly Forrester

    At HiscoNFE we use Munro’s for all of our tax and accounting advice and we are always impressed with the quality of their service. The team at Munro’s is extremely knowledgeable, professional, helpful and affordable and Drew in particular is a guru when it comes to anything that involves tax. On the rare occasion where Simon has suggested we get a second opinion for a complex tax matter, the Munro’s advice has always been proven to be spot on! We highly recommend the team at Munro’s and we are very grateful for their support over the last 10 years. Sincere thanks from the owners at HiscoNFE!

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  • ★★★★★ — ak jp

    We have been looked after by accountant Mr Carl Hansen. We are very grateful for his help on our tax matters. He is very thorough, knowledgeable and easy to approach. Highly recommend!

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  • ★★★★★ — JD Duv

    I highly recommend Drew Pflaum at Munro’s for any matter relating to property, crypto, business tax, etc. I’ve recently met with Drew and he was very diligent and knowledgeable in explaining the best possible options/solutions I have available for my business. Drew is definitely the go-to person for any complex tax matters.

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  • ★★★★★ — Ryan Hannah

    Great first experience at Monro’s! Took on the service expecting a sizable tax bill and ended up with a rebait, also learned about tax laws. Will defiantly be back next year.

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  • ★★★★★ — Mark Howlett

    Got terrific service and advice from Drew. Simple, informative and a quick response time too. Would recommend.

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  • ★★★★★ — Jaxius

    Drew and Cherie are the best accountants that I’ve had so far with their lightning quick responses to my trivial questions. They actually take the time to explain what they are doing and why. Highly trusted and recommended.

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  • ★★★★★ — Michael Page

    Accountant Drew was very helpful with a detailed insight to capital gains tax and reset period shall we sell our property. Drew contacted five minutes after I enquired to the office and followed up with this assessment

    The tax tribunal has said that a common-sense assessment applies when considering the varying number of factors and even conflicting circumstances when determining if a house is someone’s main residence. In your case, the Bunbury house may have become your main residence for that short eight week stay if you moved a great deal of personal belonging there. However, a common-sense assessment likely suggests it did not become your main residence (at least on the facts that I know). If it didn’t become your main residence, then the maximum period you can claim the property as your main residence for the period since 2018 is 6 years. I.e. 2018-2014. For the period 2024 onwards, the main residence exemption cannot apply. You could, however, move back in and re-establish it as your main residence and then move out and rent again, which would restart the absentee rule. However, you still would not get the main residence exemption for the period 2024 to the time you moved back in because the maximum 6 years has expired for this current period of absence.

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  • ★★★★★ — Robynne Richards

    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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  • ★★★★★ — Steve Nunn

    Mike and the team at Munro’s have managed our personal and business affairs for over 20 years consistently achieving excellent results. Now in retirement we continue to be totally confident with Mikes advice. Congratulations Munro’s on 50 wonderful Years.

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  • ★★★★★ — Darryl Chester

    Congratulations on 50 years of accounting.
    Munro`s have managed our family business affairs for approximately 45 years.
    Thankyou.

    read more

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