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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Wealth, Business, Business Succession - 4 min read
People sell businesses for a variety of reasons - retirement, a change in interests, a move, family situations, changes in leadership. Whatever the reason, there are several things you’ll need to do as you approach the sale. Let’s take a look at them.
Buyers of businesses prefer companies that come with high rewards and low risk, so your sale will go much smoother if you make improvements that are conducive to high rewards and low risk. Consider the following areas of your business and how you might improve them:
Once you know which areas of your business need attention, you can create a pre-sale improvement plan and commit to carrying it out. Prioritise the items on your list and determine which ones need the most time, attention, and resources. Delegate items on the list to people within your organisation who are the most skilled at making your chosen improvements. Create reasonable deadlines for accomplishing the work, and follow up on your deadlines.
News of an upcoming sale can be unsettling to clients, shareholders, and employees. Share your sale intentions only with key staff who need to know about the sale, and consider using a confidentiality agreement to protect your company from the uncertainty that could occur if word of the possible sale gets out too soon.
It’s tough to negotiate a sale if you don’t know what your business is worth. That’s why it’s wise to get a business valuation before you ever start entertaining bids. A professional valuation will provide you with lots of good information that can help you through the selling process. It can tell you what your business is worth, what you might net from the sale, what the current market conditions are for businesses like yours, and much more. Your business valuation might also give you helpful insights into improvements you could make to your company’s financial situation, strengths and weaknesses, and market position.
Business services from Altus Financial can help you through the sale of your business.
Watch my quick video below for 3 quick tips on selling or buying a business.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
Connect with the author of this post and they'll get back to you.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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