Choice Business Sales Consultancy focus exclusively on business sales
When you have made the decision to sell your business, or are seriously contemplating selling, usually based on the following circumstances:
- After many years working in the business, it is now time to stop and smell the roses, perhaps a trip overseas or around Australia. After all you deserve it.
- You have built up value and you would like to benefit financially from this, or
- You might just want to spend more time with your family or change direction before the moment is lost.
- The economic times are tough and you think its the right time to limit your risk.
Whatever the reason to sell, you must be prepared and have all your business affairs in order before even thinking about listing the business. If you are hoping to identify a potential purchaser that will want to buy your business and recognise the value in your business you need to be prepared:
Seller’s “Must Do” List
- Have your current and most recent financial year accounts up to date, reviewed and compiled by your accountant. Business’s for sale under $200K need a Form 2
- Know what $ range the market will value your business, have a view on likely interest and the probability of a successful sale.
- Be confident that you have done everything to ensure the financial, business, statutory and operational aspects of your business are well documented so they can be communicated professionally to a prospective purchaser. Ensure all staff arrangements are award complient and records up todate.
- Communicate your intentions to your staff transparently at the appropriate time, and
- Consider what advice and assistance you might need to market your business professionally. Selling a business takes time and usually needs 100% focus to achieve a good result.
Do You Need Professional Assistance to Sell Your Business?
It is worth considering whether you are the best person to sell the business and represent the information on the business, or should you appoint an adviser/broker to assist you?
Questions to consider:
- Have you got the time and know-how to actively market the business and also keep running the day-to-day operations?
- How do you tap into the target market of prospective buyers without wasting time and money?
- How is a purchaser going to feel dealing directly with you as the owner? Are they going to tell you exactly what they think about the business or could this situation be slightly confronting to you and the prospective purchaser?
- Often there are advantages in having a representative acting on your behalf especially when it becomes time to follow-up and motivate the purchaser to make an offer to purchase and negotiate the deal.
- Above all, preparation and planning for a business sale is the most important factor in lifting the probability of success.