Key Steps in Selling Your Business

Selling your business involves a series of critical steps. Here are the key tasks you'll need to complete:

1. Business Valuation: Begin by estimating what potential buyers will likely to pay for your business.

2. Documentation Gathering: Collect all necessary documentation and information required for a successful sale.

3. Presentation: Present your business information in a way that supports its value and appeals to prospective buyers.

4. Marketing Strategy: Select and collaborate with third-party advertising outlets to create and manage a tailored marketing campaign.

5. Inquiry Handling: Respond to inquiries promptly and professionally.

6. Prospect Screening: Verify buyer's credibility and buying capabilities before sharing sensitive information.

7. Confidentiality: Implement confidentiality agreements to protect sensitive business information.

8. Information Control: Ensure strict control over the distribution of private business data.

9. Business Inspections: Arrange and oversee business inspections without disrupting daily operations.

10. Communication: Effectively communicate with prospective buyers and their advisors.

11. Negotiation: Skilfully negotiate a practical and viable Contract of Sale.

12. Contract Compliance: Ensure compliance with all Contract of Sale terms and conditions.

13. Training: Arrange and provide necessary training for new business owners as agreed upon.

14. Employee Transition: Assist in the transition of employees to the new ownership.

15. Legal Compliance: Adhere to Australian Consumer Law and comply with all relevant local, state, and national laws and regulations.

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Choosing a Business Intermediary 

Selecting the right business broker is crucial to the success of your sale. Business buyers prioritise consistent profits and reliability when assessing the value of a business. Pricing your business correctly is essential to attract potential buyers. At Negotia, we understand the importance of getting the price right, and can assist you in achieving this critical step.

In Queensland, there are approximately 100 active business brokers, and about 50 of them are members of the Australian Institute of Business Brokers (AIBB), known for its ethical standards. Choosing a broker who adheres to these ethical practices is essential for your protection.

Negotia Group, as a small and experienced team of Business Analysts, Business Valuers, and Business Brokers, is dedicated to providing personalised service and maintaining close communication with our clients. We prioritise your needs as a business owner and seller, ensuring you are informed and engaged throughout the selling process.

If you value personal service and a dedicated partner in your business sale, choose Negotia Group.

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