Tips for Selling
Preparation of Business for Sale
Before starting a business you should maximize the sale potential. Get tips on your business sale in Australia from GE Real Estate Agents.
Before we list a business, there is information that needs to be obtained. You can help by doing the following
1) Have contact details for a solicitor and an Accountant.
2) Contact your Accountant for tax returns for the last five years if possible
3) Draw up a list of Plant and Equipment, with approximate or book values if available
4) Obtain a copy of the current Lease
5) Keep a record of Weekly turnover for the last 52 weeks
6) Obtain a copy of your current Business Name Registration certificate
7) Obtain a Copy of any Licenses, Permits etc
8) Obtain any invoices for purchases for the last three months
9) Obtain employment rosters and a list of staff detailing period of employment, skills, duties, wages and information on any contracts with staff.
HOW TO MAXIMISE THE SALE POTENTIAL OF YOUR BUSINESS.
Financials must be available for a buyer. Always have the results available
for the periods since the last financial year. For every Business, having a detailed budget ready is all the better. Preparing your accountant, making sure that these records are prepared now, so that settlement is not delayed.
If your business includes certain equipment not owned but leased by you, now is the time to formalise these contracts. A buyer will respond positively to a business that has binding agreements that are transferable.
If location is one of the prime features of your business sale, It is extremely important to have a long lease with favourable terms, such as rent reviews. Negotiating such a lease and including options to extend prior to listing your business will provide some security to a buyer.
First impressions count. Maintain the visual presentation of all parts of your business such as: the exterior, display areas, offices and other work areas. Many potential buyers will form first impressions of the efficiency and morale of the business by simply observing its presentation. This basic principle holds true for businesses of all sizes.
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