Trade Me Lists Over 5,500 Businesses for Sale as Baby Boomers Head into Retirement

Trade Me now has over 5,500 listings for businesses for sale, likely driven by baby boomer business owners now steadily heading into retirement.

The “succession wave”, reported last year from an ASB customer survey, has begun as the baby boomer generation hand over their business reins to fund their future. This will be one of the largest changes of business ownership in New Zealand history and a huge transfer of intergenerational wealth.

With so many business owners slowly transitioning into retirement, the next generation is gearing up to ride the “baby boomer tsunami”.

Buying an existing business is the smart, economical move as aspiring business owners can skip the precarious start-up phase. And with so many established businesses to choose from, it will all come down to buying the right business and doing your due diligence. Due diligence includes checking the business’ history and information, lease information, key assets, contracts, key staff, and the customer base.

However, it’s highly recommended that buyers do not go into purchasing a business alone. Purchasing a business is a significant investment decision and requires a good team that provides professional support and legal advice.

Buyers should engage an accountant and a lawyer to help them understand all the aspects involved in the process, as well as to enhance credibility as a buyer. An accountant goes over the business’ books to check their financial history and provides business advice, and a lawyer will help explain the process to help fulfil due diligence. Additionally, it is often the lawyer’s role to draw up a contract, ensuring that it is clear and reflects the client’s intentions.

Start preparing for your business investment today by contacting the qualified lawyers at Gillespie Young Watson Law. They provide bespoke and specialised legal services, with available lawyers Wellington wide at their three locations: Wellington CBD, Lower Hutt, and Upper Hutt.

Visit the Gillespie Young Watson website today for more information on purchasing a business.