Selling a business on the Sunshine Coast or in Brisbane is a major life decision and should not be taken lightly. Of course, there are many viable reasons why it is important to sell your business, but a few checks and balances won’t go astray and will ensure that you are making the best financial decision at the right time.
The problem is that selling a business is not as simple as putting a ‘for sale’ ad in the paper and hoping for the best. To achieve the best price possible when you sell your business in Brisbane or the Sunshine Coast, you need to know how to sell a business, which means that you need to work through the following steps concisely. Employing the help of a trusted Business Broker will ensure this process is as quick, simple, and accurate as possible.
How to Sell Your Business in Brisbane or on the Sunshine Coast
Tax returns
You will need at least 3 years’ worth of tax returns before you are ready to sell your business. Any potential buyer and their advisors will want to know your cash flow and profits before making any decision to buy your business.
Are you essential in the business?
Some businesses prosper because their customers love the owner and would prefer to shop there, rather than anywhere else. If you sell a business under these circumstances, this could mean that the business won’t outlast your ownership. Potential buyers know this, so you need to ensure that your business can continue without you at the helm. It’s important to condition your business for the sale (and new management). This is a process could take a few months of extra training for staff, or you could hire new staff to fill a potential void; either way this will improve your return on investment substantially when it cmes time to sell your business.
Teamwork
To sell your business for a fair price you need a team of experienced people behind you. This includes business brokers who can do accurate appraisals, financial advisers, accountants, solicitors and your staff. It takes time to find the right people and it always pays to listen to their advice.
Copyrights and patents
Depending on your business, make sure that all trading names and internet domains are registered, and copyrights and patents are in place before you put the businesses up for sale. If these are needed for your business, but you haven’t bothered to complete their acquisition, you will probably jeopardise the sale of your business. This is particularly relevant if you have designed a unique process or product, which could be easily copied.
Continuing owner involvement
Another idea to keep in mind is that some new owners prefer if the previous owner stays on for a few weeks or months in a consulting capacity, to help them ease into their new role. This might sweeten the deal and help you to sell your business sooner, rather than later.
Learn how to sell your business
As a last thought, remember that it is vital that you learn how to sell a business before you enter the process. If your business is not ready to go on the market, you may waste a lot of time and effort, as well as lose a lot of money trying to sell a business before it is really ready for the market.
For more information on how to sell a business on the Sunshine Coast or in Brisbane, contact our friendly team at Verified Businesses today on 07 5479 5588. Also see out recent market report on business sales in your area.