These are the major tasks you will need to complete to successfully sell your business
1. Estimate what genuine business buyers are likely to pay for your business.
2. Gather all your documentation and information that will be needed to complete a successful sale.
3. Present your business information and documentation in a fashion that supports your business sale, its price and prospective buyer’s perceptions of it.
4. Select and liaise with 3rd party adverting outlets, create a marketing campaign, create advertisements, maintain and adjust the campaign and advertisements as needed to fit the changes in the market
5. Answer inquiries from respective parties in a timely manner.
6. Screen prospects to verify their bona fides and buying capabilities before providing too much information.
7. Put in place confidentiality contractual obligations to maintain the privacy of your business is customers, suppliers, employees and other associated 3rd parties to your business such as landlords
8. Control who and where your private and personal business information is at all times
9. Arrange, attend and control business inspections without disruption to your business operations.
10. Liaise with and respond to questions and queries and requests for documents from prospective buyers and their advisers in a timely and accurate manner.
11. Negotiate a practical and workable Contract of Sale to transfer the business to new owners.
12. Ensure you meet all the terms and conditions of any Contract of Sale as and when they are due.
13. Arrange and deliver any training for the new owners on the business as agreed.
14. Engage and arrange for employees and staff to be employed by the new owners.
15. Ensure you don’t breach Australian Consumer Law and risk litigation and comply with Local, State and National Laws and their Regulations to avoid penalties.
Choosing a Business Broker.
Business buyers are interested in the profit a business makes from doing what it does. Their view on ‘price’ will be largely based on how strong and consistent the profits are and how long are they going to be reliable into the future. If you get your selling price wrong about 80(+)% of business buyers will discard your offer to sell your business out of hand. Price is critical to success. We can help you with that.
Be aware, that there are probably less than 100 capable business brokers active in the business sales and opportunities market in Queensland.
Of these, there are about 50 business brokers in Queensland who are Members of the Australian Institute of Business Brokers (AIBB), Australia’s Peak Industry Business Broking Association. These Business Brokers are bound by the AIBB’s Code of Ethical Practice and Conduct. It’s your best protection against poor industry practices in our view.
Be aware, business broking firms vary widely in the range of products and services they offer. Some are large scale firms with Australia or State-wide operations with a number of business brokers. Some are small niche operations concentrating on maintaining close personal relations with Clients and providing and high-quality service to those Clients. Other are in between.
There are some business brokers with hundreds of listings selling businesses literally ‘from the boot of their cars’.
Negotia Group is a small operation with experienced Business Analysists, Business Valuers and Business Brokers who focus on your needs as a Business Owners and Seller and maintain close personal relations and communications with their Clients.
We can help you if you need personal service, be kept informed and engaged in the process of selling your business.