Preparing to Sell your Business for Retirement

Business Brokers Melbourne

Building your own successful business takes years of sacrifice, commitment, hard work and sometimes little initial reward!For many small business owners their business is the “retirement nest egg” with many choosing to pour their financial resources in the business rather then building their Super.To help ensure you get the best possible result and reward for your business there a few simple points you need to consider years before your business hits the market.The below points should assist in rewarding you with the best possible result for your business- to hopefully pay off your debts and leave change in the kitty.

1.Structure- You may have been running your business like clock work for the last 30 years – but have you ever asked yourself- is this business well structured? It is important when selling your established business that you consider how easy the transition process would be for a new owner to come in and take over. Think about the staff and assistance you are leaving behind- can they run 80% of the business without your input?

A new owner can feel very intimidated in a business that has been run by the same owners for longer then 10 years. It is important if you are considering to sell that you think about the structure of your business and slowly begin taking a step back to give more responsibility to your staff if possible.

2. Procedure- Creating a business and building it over years ensures you know and can run it like the back of your hand. You know how many muffins you need to make on a Friday before Labour Day and you know to call Barry the butcher down the road if you need a delivery before 12pm next day- but if you were to leave what would happen? Things that seem second nature to you can be a mind-field for a new owner and staff left behind. Preparing a procedures manual in advance and slowly adding to it will over time ensure more confidence for the new owner to be able to run the business and in hand provide consistency for your staff.

3. Documents- When selling a business it is essential you have your ducks in order prior to exposing on the market. This ensures you are well organised and prepared to make the most of the initial hit to the market and avoid possible delays when you do have an interested party enquiring. It is essential before selling you discuss with your accountant and broker to ensure you have all documents and financial information necessary available and ready to go. Organisation is key to success – ensure you are well prepared.If you have a business for sale in Melbourne, or are looking to buy one, than contact us today! We are the Brokers for you!To Learn More:
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   Absolute Business Brokers
   7/18-22 Lexia Place
   Mulgrave VIC 3170
   Australia
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