That is where we as business brokers come in. We will act as brokers for the transaction and deal with all the necessary frameworks that inevitably go with the sale of a business. You will have many questions about selling and the professional services offered by business brokers. Here are some tips to know when approaching a big sale.
You can sell on your own and by verbal agreement but you don’t need us to tell you that that won’t go well. You need the right experts to guide you through the maze of different departments, people, paperwork, accounting, and so on. Having a good broker on board will ease the path and grease the wheels. This will leave you to the running of the business while the transaction goes through.
The right broker will have the expertise and knowledge of the industry and market conditions within which the business is operating. Whether it be commercial, manufacturing, construction, hospitality, a restaurant, or a hair salon. A good broker will know who to talk to and where to go to file the paperwork. They also know the red tape issues that come with anything and everything in Australia, especially South East Queensland.
There are many things that you may not have considered. These factors are all in the remit of a good sales broker. Conducting a sale in Brisbane, (QLD) Australia comes with its own unique challenges. The broker will act as a conduit for both the seller and the buyer. These are called vendor and purchaser. A good broker will be able to look at both sides objectively and find where the business is within its respective market. This will help gauge the value of the business.
Legal and accounting will be taken care of in a professional way paving the way for the opportunity to purchase without fear and concerns. All the different services provided by brokers go into getting you the seller the best possible deal.
This is an essential part of the process. Strengths or weaknesses, possible fails or rouge bookkeeping are all examples of things to watch out for. A broker will analyse the data and brief you on any concerns. Then there is what can be improved on, changed or updated. Growth potential and projections will all be poured over by a good broker.
A good broker will make the business presentable. Every aspect and every nook and cranny needs to be considered before a sale. You must make your business presentable in order to gain the best offer. A broker will take you through what you should look at and investigate any areas that he or she feels need attention.
You may need to repair some equipment for example. The buyer may feel if something is broken then other things may have not been in working order too. A buyer will want to see love and attention poured on every aspect of the business. This will feed them confidence and boost their appraisal.
Every business depends on employees and staffing to succeed. Contracts and wages will need to be considered moving forward. A star employee may not feel comfortable with the new order. You’re selling the embedded success of the business, the staff are part of that. Any issues with possible loss of the human machinery may put off the buyer.
The same goes for the customers. After all, they are the ones providing revenue and therefore profit. A broker will ensure these customers will stay on and continue in the success of the business. The buyer may already run a successful business elsewhere and know what he or she needs to thrive. The sale price depends on the little things as well as the big ones. Especially in a bustling consumer area like Brisbane and Gold Coast.
Business brokers will ensure the operation running will continue as is. You may need to agree to continue in some capacity to grease the wheels of change. A well-established business is attractive to a buyer and that buyer needs to know it will remain highly profitable.
Depending on the business a minimum of three years of financials provided by your accountant will be required along with supporting documentation including commercial leases, franchise agreements and state licences when required.
If you are planning a business sale in Brisbane we are well-positioned and knowledgeable. We also serve places like Jimboomba, Ipswich, Browns Plains, the Gold Coast and all Queensland areas.
With fifteen years experience give me a call today to discuss your unique situation and obtain professional advice in relation to what steps are required to help you achieve a premium price for your business.
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