10 Tips to Selling Your Business

Looking to sell a business in Australia? These 10 tips will speed up the process!

  1. Give yourself a 3 year plan to sell a business.

  2. Show your profits! This will enable you to get the price you deserve as it’s profits that determine the sale price of the business, along with plant & equipment and stock.

  3. Instruct your accountant to have all the financials, tax returns, depreciation schedule in place for the past 3 years.

  4. Have ready a copy of your lease and a list of all the plant and equipment that is included in the sale.

  5. Prepare the business for sale by keeping it neat and tidy. Any old equipment should be replaced or at least maintained.

  6. If it’s a service station you will need a contamination report done to show before any financier or solicitor will sign off on the sale.

  7. Choose a good solicitor. Find one who will speed up the proceedings. The quicker the exchange, the easier the sale.

  8. Find a reliable business broker. It’s far too hard to sell the business yourself. You need to qualify buyers and work with them to the end, and that’s a full time job.

  9. Expect 6 weeks to 6 months, maybe more, to sell a business.

  10. Give your self time to sell. Don’t wait till your tired, the business will fail if you’re in a hurry to sell.
     

Super Tips

Budget for an advertising campaign…

If you can not afford to advertise the business you can not afford to sell you will need at least $4,000 to start the process.

Qualify your business broker…

Don’t be afraid to ask a broker what he has sold and where. Ask to see some of the sales he has done and be sure the statistics on his advertising campaign stack up; if its on the web what traffic he receives etc.