Published on 12/12/2019 by Any Business.Com.Au

Steve Corney: My Journey to Buying an Established Business

After losing some influential people early in his life, business owner and Learning Strategist Steve Corney, had to find the key to good business and life himself.

In 2011, Steve purchased an established gym and fitness centre, in his own words "to be in control of my own destiny" with a focus on being accountable and responsible for performance.

He said purchasing an established business gave him an opportunity to get involved with a business that was generating income from the outset and he could go in without the stress of building a business from the ground up.

"It was already set up and making money from day one which gave me more time to focus on improving and not worrying about cashflow," he explained.

"It was really important to get a proper handover and introduction however, as the culture and clients of the business were very used to the previous owner - so it did take me a bit longer to feel like it was actually my own business."

Steve said that having an existing customer base and an established brand allowed him to gradually improve the business without the added pressure of creating brand awareness around a new company.

"This gave me the ability to immediately make decisions and rapidly adapt to the running of the business while adding my own flair and ideas to accelerate growth."

Steve had this piece of advice for someone planning to buy an established business.

"Do your research and dig right into the detail," he said.

"If you are buying a business with customers understand the current relationship with staff and owner then factor in (especially in a service based business) that on the day you take over around 50% of your customers are going to leave."

Checkout our listings here
Ab Assets/Broker Avatar

AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

Related articles

12/12/2019 by AnyBusiness.com.au
After losing some influential people early in his life, business owner and Learning Strategist Steve Corney, had to find the key to good business and life himself.In 2011, Steve purchased an established gym and fitness centre, in his own words "to be in control of my own destiny" with a focus on being accountable and responsible for performance.He said purchasing an established business gave him an opportunity to get involv...