Whatever the reason, preparation is the key to making this process much more manageable!
Being prepared includes diarizing or documenting the sales process so important decisions don’t have to be made on the fly, and formulating questions and answers you would expect from potential buyers.
Below are some points to consider throughout the sales process, so you can ensure each area is right for you and your current circumstances ahead of time.
The government website has useful information that goes into each step in more detail - https://www.business.gov.au/closing/selling-or-closing/sell-your-business
When you know you that going ahead with the sale of your business is right for you, it's important to have some expected questions and answers prepared for potential buyers. Our clients have listed some of the less expected topics that have come up when speaking to potential buyers:
You will also need to consider any insurance requirements for your business, such as run-off cover. This is a specific cover where you are insured for any legal claims that are made after you sell your business.
Also take into consideration Capital Gains Tax (CGT) and Goods & Services Tax (GST) that apply to the sale of your business. For example, if your business is registered for GST, you may need to include GST in the price of individual business assets or repay GST credits. If you are selling a small business, CGT concessions may be available.
Get further clarification when preparing to sell your business and discuss your requirements with our team at BLG Business Advisers. Get in touch online or call (02) 4229 2211 to find out more.