You only get one first deal.
And if you get it wrong, it will cost you. Money, momentum, and confidence.
Get it right, and you’re off to the races. A cash-flowing business. A real asset. A skillset that compounds.
This isn’t about getting rich overnight. It’s about doing the first one so well that the second and third come easier.
So here’s your full field guide. Built for serious buyers, not tire kickers.
Why Your First Deal Is the Hardest, and the Most Important
The biggest risk with your first deal isn’t ignorance. It’s optimism.
New buyers want to believe the numbers.
They want to trust the seller.
They want it to work so badly that they miss red flags, skip questions, and sign too soon.
The emotional high of almost owning a business messes with your head.
Sellers know this. Brokers know this. Smart buyers stay grounded.
The truth? You’re going to feel nervous. You’re going to feel unsure.
That’s fine. But you don’t get to feel unprepared.
TIP 1: Pros Control the Terms
Forget the sticker price. Focus on the structure.
A seller says their business is worth $800,000 because it makes $200,000 a year.
That’s a 4X multiple. You think it’s worth closer to $400,000.
So instead of arguing, you set milestone terms.
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If the business hits $50K in profit per quarter, you’ll pay $800K.
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If it drops to $40K, you only pay $640K.
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Under that, price adjusts down again.
Performance-based pricing turns you into a smart operator, not a hopeful dreamer.
You don’t guess. You observe, then pay for what actually performs.
TIP 2: Be Likeable, Not Slick
People sell to people they trust. Not spreadsheets.
Your seller doesn’t want to hand over their baby to someone they don’t like.
If two offers are similar, they’ll choose the buyer who’s respectful, consistent, and human.
Send thank-you notes. Show up on time. Ask how their staff are going. Speak like a future owner, not a know-it-all.
I once paid $10,000 less than agreed by mistake. The seller never raised it. Why? Because the deal felt fair, and we had built trust.
TIP 3: Go Slower Than You Think
Sellers will want to move fast. That’s their job.
Your job is to move at the speed of certainty.
When buyers slow down, they notice more.
Staff issues. Supplier red flags. Lease clauses. You name it.
Take one extra week, and you may save yourself six months of regret.
There is no prize for the fastest signature.
TIP 4: Flinch and Ask
When a seller names their price, flinch. Stay quiet. Let the silence speak.
Then ask questions:
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“What was the multiple based on?”
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“Do you have recent comps?”
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“How did the accountant justify that figure?”
The more the seller has to explain, the more you learn. And the less pressure lands on you to make the next move.
TIP 5: Visit Their Turf
Never buy a business you haven’t walked through on a busy day.
You want to see:
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Real customer behaviour
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Staff energy and efficiency
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What happens when something breaks
Sit in a corner. Listen. Walk around. Ask a few “dumb” questions.
The best insights come when no one is pitching to you.
TIP 6: Be Willing to Walk
You must be ready to say no.
The moment you start saying, “I’ve come this far, I may as well...” you’re toast.
You do not owe the seller anything. Not for their time. Not for your time. Not for the work you’ve put in so far.
If the deal doesn’t work on paper, it doesn’t work in real life.
Walking away is not failure. It’s the move that saves your capital for a better shot.
SEVEN TRUTHS THAT PROTECT FIRST-TIME BUYERS
These are the rules I keep in every deal folder.
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The person who wants it least has the advantage.
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Always bring a second option to the table.
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Repeat back what the seller says. Then document it.
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Ask again later. People reveal more the second time.
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Price is flexible. Structure is everything.
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Deals die on bad timing. Build in delays.
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Handshake deals don’t survive bad months. Write it down.
Win With Patience and Precision
The best first deal isn’t the flashiest.
It’s the one you understand inside and out.
It’s the one that cash flows quickly.
That keeps key staff in place.
That lets you sleep at night knowing what you own.
There will always be another deal.
But there’s only one first deal. Make it count.
And once it’s yours? Work it like you earned it. Because you did.
Your Next Step
Ready to find businesses that checks all you boxes?
Explore our current listings of Australian businesses for sale at BusinessForSale.com.au