Published on 20/05/2019 by Graham Long Business Broker And Business Valuer @ Negotia Group

Thinking of Selling Your Business?

It's likely your prime motivation is your next goal or objective in mind if your contemplating the sale of your business. It's also likely that the sale of your business is the major event that needs to be achieved to let you move onto your next goal. Further, it's also likely that a successful sale is important in setting you up to move on.

So, my advice, start with the end in mind. You want to achieve a successful transfer of your business to new owners.

Stepping back in sequence to get that successful transfer, these are the tasks you'll probably need to successfully complete to move on.

15. It's likely there'll be some post-settlement tuition or ongoing training for the new owners.

14. Before that; the business sale contract will need to be settled.

13. Before that; a stocktake is likely to ned to be completed.

12. Before that; pre-settlement tuition or training for business buyer(s).

11. Before that; the business buyer(s) will need to have funds in place for settlement.

10. Before that; the business buyer will need to satisfactorily complete 'due diligence'.

9. Before that; a business contract of sale or agreement will need to be signed and a deposit paid.

8. Before that; there will be negotiations with prospective business buyers to reach agreement of the price and terms and conditions of the sale.

7. Before that; there will be discussions and inspections of the business by prospective business buyers

6. Before that; there will be marketing activities to seek out prospective business buyers.

5. Before that; there will be the listing of the business and/or placing its into the market if the owner elects to sell themselves.

4. Before that; there should be an assessment of the likely selling price of the business.

3. Before that; there will be the collection, organising and preparation of business information and documentation to support the business sale and the business buyer's 'due diligence' requirements.

2. Before that; there will be the selection of a business broker to assist with sales preparations and pricing and to represent you in the business sales market.

1. Before that; there will be your actual decision to sell.

It should be fairly evidence that there are a number of tasks you'll need to complete if you are to successfully sell your business. Thought and consideration to those will help. Consider well and act wisely.


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Graham Long - Business Broker and Business Valuer @ Negotia Group

Mary is the founder of AnyBusiness.com.au. She has a degree in Business from Monash University and been helping showcase businesses for sale for over 10 years. In the course of running her own business and working daily with business owners and brokers she has developed a keen sense of the Australian market for businesses for sale and shares her knowledge on this blog and others such as female.com.au

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