1 Set a Goal Price. Define clearly what you would want now for your business and what you want for it on the future sale date. This is your goal price.
2 Make a Plan.Develop a proper written plan for how you are going to achieve this goal price.
3 Consult an Expert.Get a qualified person such as an accredited business broker to prepare an Appraisal Report on your business, to suggest an Asking Price, highlighting its exclusive selling points, its risks, and ensure that you have set up a tax minimisation strategy with your advisors.
4 Financial Accounts. Ensure that your Financial Trading and Profit and Loss Accounts are up to date.
5 Identify Key Issues. Identify your business Key issues such as key Staff- who will be taken over by the new owners who will not. Have all supply contracts been secured for the future? Can the lease be taken over, does it have attractive renewal periods? Are sales spread over a number of regular and good paying customers?
6 Identify potential Prospects/buyers. This can include, Key staff in the business, other shareholders or partners , specified under a pre made agreement, competitors, business migrants etc.
7 Define the Exit Marketing plan including setting a date, setting a budget and then make sure you engage a specialist business broker in your field for a specified period to sell the business.
8 Cultivate all Prospects with a view to creating an interest, sending news articles to them to introduce competition amongst them and then handling negotiations within a reasonable time frame.
GET MORE FOR YOUR BUSINESS WITH A PROPER BUSINESS EXIT PLAN
Did you find this article useful? Contact me for further information.
Nick Benwell CA
M 0402 815 005
info@businessmindersperth.com.au
