I’m going to sell my Business, what are the relevant tips?
Well… it is truly emotional decision, yet we can help you with some relevant tips that you must keep in mind before going to sell your business. Here, are some of the suggested steps that guide you throughout the entire process of Business Selling.
- Make sure selling is right for you! Are you thinking to sell your business due to financial woes or finding it hard to comply with changing Government policy. Stop and think, whether getting professional advice and help can put your business on right track.
- Consider whether to use professionals! Of course reputable business brokers make your business selling process time-saving and uncomplicated for you.
- Value your business! Just think….evaluate your business value ……How Much Is It Worth …So that you can get the right price of selling.
- Find buyers for your business! Don’t sell your business to a known person in haste. Advertise your business using real estate agent, advertising online, newspaper and notifying customers of your sale.
- Negotiate the sale! When negotiating the sale, make sure the information given about your business is accurate and true altogether such as sale price, deposit amount, settlement period, handover training and arrangement of existing staff.
- Prepare the contract! Mostly an intermediary will draw up the sale contract, so if you’re a business owner, ask to your solicitor to review the contract to avoid any unforeseen circumstance or problems.
- Think about your employees once! Communicate and let them know, whether they’ll transfer across to the new owner or whether their employment is ending due to sale of the business.
- Deal with legal matters and tax implications! Think about the insurance requirements of your business such as run off cover, taxation obligations and other financial obligations when selling your business.
- Transfer your business to new owner! Once your business is sold, you need to transfer your whole business and responsibility to the new owner. This may include transferring leases, licenses & permits and ABN/GST/PAYG Registrations to name a few concerns