How does one get ready to sell their own business?

Here's how!

What should I consider when selling my business? There are several factors to consider when selling your business, but the most important one is how to attract the right buyer. The first step to selling your business is to determine whether you can sell it to someone inside your family, to key employees, or to an outside buyer in your industry. In many cases, this is easier said than done. However, there are some steps you can take to make your business more attractive to buyers.

Make sure you have detailed financial records and documentation. Prospective buyers often want to see the last five years' worth of financial records. It is important to provide this information, as it will give them an impression of how well the company is run.

The minimum documents required during the selling process is a details Information Memorandum and information for a buyer to do a detailed Due Diligence process. During a Due Diligence process a buyer will ask for things like full financial records and tax returns, employee records and payroll ledgers, lease and property documents as well as customer contracts etc.

It is important to consider whether these should be don’t under an exclusive Heads of Agreement or Contract of Sale conditions with Non Disclosures being signed for protection of sensitive information.

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For further inquiry, you can also contact Matt Butcher at 0401 193 999 or email him through [email protected].