Selling a Business

With the new 2018/2019 financial year here, we have offers/deals etc in  Albury, Ladysmith, Mulwala Yarrawonga, The Rock , Booligal, Darlington Point, Lockhart, Tarcutta, and Wagga, to name a few.With lots of new listings coming in, this trend is bound to continue.

We are constantly looking at ways on improving our marketing, and it is definitely working. We are getting committed buyers faster. Finance is always a problem but we feel confident in our solutions there too.

 

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 $450,000, you will also need – at the time of deposit or contract – a vendor’s statement (Sn 52)  about the performance of the business.