4 steps to get the best deal when you sell your business

4 steps to get the best deal when you sell your business

You have decided to put your business up for sale. What next? Whether you're preparing to retire, or you simply believe it's time to hand over the reins to someone else, it's crucial to thoroughly consider the sales process. Listing your business for sale in Victoria can be intimidating, this is why you require the assistance and guidance of a licenced business broker.

Here is a step-by-step guide that will help you get the best deal:

Determine the worth of your business

Find out the market value of your business by contacting the experts at Absolute Business Brokers, who will be able to give you a free and obligation free consultation to ensure you have a price guide and feedback on what you could expect to sell your business for in the current market.

Sort out your documents

Once you know the value of your business for sale in Victoria, it’s time to organise your financial documents. Financial statements such as balance sheets, cash flow statements, income sheets, and at least the last three years' worth of tax filings are assessed. Your financial accounts will be examined by buyers, solicitors, brokers, third-party valuation firms, and accountants. Your bookkeeping needs to be flawless if you want the process to be smooth. The more honest you are about this, the more likely it is that a potential buyer will believe you.

Finding a buyer

Once you have determined the value of your company and sorted through all of the necessary paperwork, it's time to find potential buyers. You can list your business on listing websites or in the newspaper, but finding the right business buyer can be tough. Furthermore, depending on the market conditions, a business sale can take anywhere from six months to two years, if you choose to self-represent. Thus, it is recommended that you contact a business brokers like Absolute Business Brokers to find the perfect buyer in shortest possible time. They will scour through the market to get best deals as per your requirements.

Hire a broker

A business broker can take care of screening potential buyers, ensuring a confidentiality agreement is signed before releasing any information to protect your business and good will and when it comes down to securing a deal, make sure all legal steps are taken, deposit is secured in a trust account and steps are considered to ensure peace of mind that the deal is binding based on the conditions of the formal offer executed.

The bottom line:

Always have reasonable expectations when listing your business for sale in Victoria. Make sure to follow the recommendations outlined above to secure the best possible price for your business. You may also seek out expert help from Absolute Business Brokers to acquire the best possible deal. Connect with our team to learn how we can assist you in obtaining the best deals for your company.