Primecorp
#5411
Switch Accountants 4 Results Pty Ltd was incorporated for the purpose of acquiring the fee base of both trading entities i.e. Bathurst Moore Advisory Pty Ltd & Samuel Testa & Company, hence consolidating the businesses into on entity. The one entity will provide a broader range of services in QLD and NSW.
Samuel Testa is the sole director/business owner across all entities. Samuel Testa is the holder of all key registrations such as Tax Registration, Credit Licence, and Public Practice Certificate etc.
Currently Bathurst Moore Advisory Pty Ltd has borrowings with Marketlend totally $ 25,000.00. The company borrowed these funds to on-lend to a start-up business. It is anticipated that this debt would be extinguished from the $ 160,000 advance.
Accounting practices are usually valued on a $ for $ basis. Based on this the businesses would be worth in excess of $ 360 K.
The valuations attached of the business are based on the future maintainable income basis; taking into account the net profit after all operating expenses.
Net income would be $ 160 K and debts amount to $ 25 K with Marketlend.
$ 160 K is the total funds required to acquire both businesses no additional funding required.
8 years, 8 months ago
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