2017 was a fantastic year for our clients whom we helped sell a record number of businesses.
Below are a few tips for consideration when you are thinking about selling your business.
When is the best time to sell?
Probably when the business is well established and generating good profits. Always allow a reasonable selling period – typically up to 6 months or even longer.
So what documentation is needed to sell your business?
- Up to date financial statements, including copies of recent Business Activity Statements (BAS);
- A list of equipment to pass with the business, and whether it is encumbered ( i.e. leased/ chattel mortgaged etc);
- A copy of your current lease, or alternatively a proposed rental or sale price for your property;
- If your business is located in Victoria, and its plant & good will figure is less than $350,000, you will also need – at the time of deposit or contract – a vendor’s statement (Sn 52) about the performance of the business.