Convenience store / milk bar for sale in Geelong, Other areas

Questions to ask

Questions worth asking before an inspection, based on the seller's figures. It does not judge the business and is not a valuation or advice — rely on the actual records.

• No revenue figure given — ask for POS reports or the last 12 months of BAS before inspecting.
• No net profit given, so the price-to-profit ratio cannot be worked out.
• The remaining lease term is not given.

Questions to ask the seller before you inspect

1. Can you provide the last 12 months of BAS, POS reports and bank statements?
2. The lease itself: term left, options, annual increases and who pays outgoings?
3. Will the landlord consent to the assignment? Is there a bond or bank guarantee to transfer?
4. How are staff wages, contracts and accrued annual leave handled?
5. Is there an equipment list, and is anything leased or under hire purchase?
6. Any unpaid bills, fines, complaints or health-inspection issues?

Full due-diligence checklist: Small business handbook (Chinese). Guide price range: Valuation.