Selling a Business in Australia
Tasmania, Queensland, Northern Territory (NT), Victoria, New South Wales (NSW), South Australia, West Australia (WA)
If you are selling a business in Australia then explore our business search menu for Tasmania, Queensland, Northern Territory (NT), Victoria, New South Wales (NSW), South Australia, West Australia (WA).
What Buyers want to see:
Up to date financials on accountant's letterhead.
Quoted figures especially turnover and net profit.
A plant and equipment list.
A breakdown of outgoing costs.
Facts and history about the business, area and competition.
Remember the more concise and accurate this information is, the more success the intending purchaser may have in achieving financial backing and completing the purchase.
Your Obligations:
Arrange assignment of lease to purchaser.
Pay all outgoings to the date.
Do not compete directly or indirectly with the purchaser within a certain
radius for an agreed period of time.
Provide clear title to the business.
Properly maintain the business until date of possession.
Agree with purchaser on fixed assets, stock, and goodwill as part of purchase
price.
Legally respect benefits for any staff staying on with the business.
Ensure that all plant and equipment is in good working order at the date of
possession.
Pay your own legal costs associated with the sale.
Questions to look for when using a Broker:
If you are using a business broker, the broker should ask you many questions about your business. These will be about freehold or leasehold, rates, terms of lease, rent per calendar month, years of established business, years of ownership, trading hours, staff aware of sale, how many staff, seating, fixed asset value, net profit per annum, stock at value, gross turnover per annum, expenses, asking price, negotiable on price or not, preferred inspection time, reason for selling, size of premises, residential accommodation attached, advertising routines, solicitor's and accountant's contact numbers. The more questions are answered in the beginning, the easier it is for your broker to determine if the inquiry is likely to become a genuine buyer.
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