How do you buy a business in Brisbane?

1. Write your brief

The buyers who move fastest know exactly what they're after. Write down the type of business, the suburbs or region, your all-in budget, and whether you want to work in it every day or run it under management. Add your timeframe, and what you won't compromise on, such as lease length or trading hours.

A clear brief also means a broker can send you the right business the day it comes up, often before it's advertised.

2. Get your money and your team ready

Work out what you can spend before you fall for a business. Your budget has to cover the deposit, legal and accounting costs, stock and enough working capital for the first few months. Our guide to how much money you need to buy a business walks through the sums.

Then line up three people: an accountant to check the numbers, a lawyer to handle the contract and lease, and a lender or finance broker if you're borrowing. Pre-approval makes your offer stronger.

3. Shortlist and read the Information Memorandum

Listings show the headline numbers. For the detail, you sign a confidentiality agreement and receive the Information Memorandum, which covers trading history, profit, the lease, staff and equipment. Read it against your brief and the numbers that matter most.

4. Inspect and ask questions

Visit more than once, at different times of day and different days of the week. Watch how it trades. Ask the broker why the owner is selling, what's included in the price, how long staff have been there and what the owner does each week.

5. Make a conditional offer

An offer covers the price, what's included (equipment, fit-out, stock at value), the handover period and your settlement date. Make it conditional on:

• Finance approval
• Due diligence by your accountant and lawyer
• The landlord agreeing to transfer the lease to you
• Any licences transferring, such as a liquor or food licence

6. Do your due diligence

Your accountant checks the profit and loss statements, tax returns and BAS, and confirms the profit is real. Your lawyer checks the contract, the lease, staff entitlements, supplier agreements and licences. If something doesn't stack up, this is the time to renegotiate or walk away.

7. Transfer the lease

Most shopfront businesses in Queensland are on a retail shop lease. Under the Retail Shop Leases Act 1994 (Qld), the seller and buyer each give disclosure statements, and the landlord must consent to the assignment. The seller's disclosure has to be given at least seven days before the landlord is asked to consent, unless it's waived, and the landlord can ask for legal and financial advice reports from the buyer. Your lawyer runs this, but it takes time, so start early.

8. Settle and take over

On settlement day, stock is counted and adjusted, the balance is paid and you get the keys. The seller then trains you for the agreed handover period. Business assets such as goodwill can attract Queensland transfer duty in some cases, so ask your lawyer to confirm whether it applies to your purchase.