Getting Your Business Ready To Sell
Selling your business involves an internal preparation in order to have everything in first order and available at your finger tips. Unprepared business owners who look to go to the market will usually fail when it comes to providing crucial commerical documentation in a timely manner to prospective purchasers and their legal or finance teams. A simple analogy is when selling your house, you make sure that it is clean, tidy, well maintained and the outside and grounds in perfect condition. The same should be for your business. This extends well beyond what a customer might see or the physical premises, but into the back office which is the critical area for business sales.
A few simple tips
* Make sure your current and historical financials are in complete order and preferably supplied by your accountant along with recent ATO lodgings.
* Have a ready Balance Sheet and Depreciation Register / Schedule
* Keep your debtors under control
* Be up to date with all payments and entitlements to staff such as Superannuation payments
* Any critical commerical contracts should be ready and available
* Make sure that your lease is in order
* If you lease plant / equipment or have purchase arrangements, have these in order
* Be prepared to prove ownership of all plant and equipment and IP. This could extend to ownership and licencing of software or domain names for example.
Contact us at MNC Business Brokers for a conversation about getting your business in order to sell. The cleaner and neater your business, the better your chances of attracting a buyer and completing a sale.
Businesses in poor order will struggle to sell. Banks and finance institutions may also not see the value in lending to prospective buyers if financial information is not presented in an orderly fashion for their consideration.
Contact Brian Hill on 0438 633 607 if you would like to discuss selling your business or buying a business in Newcastle, The Hunter or on the NSW Mid North Coast.
Call - 0438 633 607