Problem Finding The Right Business? Here’s The Solution

“When Indians immigrate to Australia, they are looking to either buy a house or a business.” Coming from someone who has worked closely with the community for almost a decade, Ashwin Pandit’s observation has gone well with his business. As a business broker, he offers a range of services that are focussed on creating outcomes.
So, if you are looking to buy a business but are not sure of the type of business, the location and other things, Pandit helps you set up your business. “Say, for someone who has migrated to Australia with a budget of 300,000 AUD and wants to know what kind of business he can get into, we look at the database, source out the right business, present it, take him/her down for an inspection, show the profit and loss statements, etc.,” says Pandit. “Apart from that we also assist people for business migration from one country.” At New Gen, where Pandit is one of the brokers, they work with a wide network of immigration agents, accountants and solicitors to broker a deal successfully.
Pandit is no ordinary business broker. He studied Masters in Business IT at RMIT in 1998. And when in 2001 he got his permanent residency to Australia, he came back to the country armed with some experience in the field of his study. Then coming from an entrepreneurial family in Mumbai, he chose to foray into business too and bought a franchise for Blockbuster store in Oakleigh. In seven years, he grew from one store to three. Later, he downsized and diversified to real estate. By then, he says he had the flair to look at businesses. So when business broking happened to him seven months ago, the added advantage that came with it was that it offered him a lifestyle too. “Even though I am with New Gen, I am my own boss.”
Pandit admits business broking is a two-fold approach. “On one hand we are helping people to buy their business, on the other we are helping sell the business too.”
But can’t people buy business themselves instead of going through a broker? “Yes,” says Pandit, “There is nothing stopping an individual to sell his own business on his own accord and there is nothing stopping a client to go and approach a buyer directly. However, it is not that simple and straightforward. As a business broker we will never divulge any information that is confidential and sensitive to the business. Secondly we will always ensure to get the buyer to come down to the office for an interview so we can qualify and assess him. And when you take legal advisers, there is search done on the title, and search done from the bank to make sure that the business being sold is free from any liability.” In other words, there are no chances of being duped by the buyer or seller if you involve a business broker.
Pandit says buying a house is a very emotional and big decision for a lot of families but buying a business is lot harder because that is a livelihood. “You don’t want to buy the wrong business and regret later on. That is why we sit down and say let’s understand your needs, your objectives and I will probably source the right one for you.”
The whole process of buying and selling a business does not take more than three months. “There are people in the market who are looking to buy a business for the past 12 months and they are still looking for business to fall on their lap. But I have settled business for people in 45 days and those are the ones who are focussed and know what they want,” says Pandit.
Pandit dispels the myth that you need to accumulate a lot of wealth to run a business. “Wealth will create wealth for you. What you need is ensuring a good cash flow to support the liabilities you are taking on board and that liability could be your place of residence to an investment property to a business. We can help but for that we need to sit down with you to understand your objectives and where you stand at this point of time.”
For a man who has built a portfolio of investment properties for himself over a period of time, the advice can be worth taking. “With clients I have assisted – some have taken that leap of faith and moved on, some are conservative and they don’t want to take risks which are fine,” he says. And there is a certain truth when he adds, “There is no gain without pain.”
By Indira Laisram