Preparing for the big event!
Have loved the Olympics and applaud all the hard work and training. Similarly, preparing your business for sale requires planning, dedication, resilience and teamwork.
Have loved the Olympics and applaud all the hard work and training. Similarly, preparing your business for sale requires planning, dedication, resilience and teamwork.
First impressions count! When buyers come to look at a business it is best if vendors have the premises looking as tidy and clutter free as possible. Not only does a tidy set up represent an organised business but the…
Many vendors have inflated views of the value of their business. Better to find out sooner rather than later. And remember, ‘don’t shoot the messenger!’
Finance Approval takes time. Banks can seem like many headed monsters with approval needed from several departments with everyone blaming the Banking Royal Commission. Purchasers need well-presented proposals so start early!
Cash takings that don’t flow through the books can’t be substantiated. When businesses sell for a multiple of earnings, owners would be better off paying the tax and GST, showing higher profits and having a higher value.
Purchasers want to know there’s more upside to come, selling on the way down is hard.
“It’s all in my head” is not a good answer! Purchasers want to know that systems are documented, current and accessible. Quick plug for our provider www.waywedo.com
Business sales can be complicated when leases need assigning. Amount, term, options, outgoings and a positive relationship with the landlord are all key.
Working with your best mate sounds great – just make sure that you also employ the right professionals.
Know the market (or engage an expert who does!)
Pricing, offers, negotiations, employees, due diligence, satisfying conditions, earnouts – all enough to send the sanest person crazy!