1. Establish a reasonable Asking Price.
Inflated expectations can delay the Brokers ability to get you the best price for your business in the shortest time.
2. Carry on Business as usual.
Don’t get so obsessed with the transaction that you neglect the business so that this effects sales,costs,and profits.The selling process can take months and the Buyer wants to see a healthy business.
3. Keep Things Confidential.
Expert Brokers will ensure confidentiality for both parties.
4. Prepare for the Sale well in Advance
Get your financial accounts and records for at least 3 x Years well up to date.
5. Anticipate the Buyers Requirements.
To get finance the Buyer will need appraisals on the Assets,Trading and Profit and Loss. Accounts lease details to present to the lender for cash flow purposes.
6. Create Buyer Competition.
Work with your Broker as a third party to create a competitive situation amongst the the Buyers to get you the highest price in the shortest time.
7. Be Flexible.
Don’t demand all cash at settlement without negotiating. You may have to consider some vendor finance. Get advice from your Broker and Accountant. Their knowledge of getting finance and tax is vital.
8. Negotiate don’t Dominate.
You may be used to being the boss. But the Buyer may also be. Your Broker will advise you on when to “hold” and when to “fold”
9. Don’t let Time Drift on the Deal;
Work with your Broker,Accountant and other experts to ensure everyone sticks to the time schedule.
10. Stay Involved in the Business.
You may be tired but the Buyer may want you to be accessible for a period.
Did you find this useful? Contact me for further information.
Nick Benwell CA
Mobile: 0402 815005
Email: info@businessmindersperth.com.au
