You are a business owner ready for the sale and your next adventure. We get that. We have engaged in the buying and selling of businesses for ……….. years. We also know the idea of selling your business may seem daunting and somewhat mysterious.
That is where your Gold Coast business brokers comes in. We will act as intermediaries for the transaction and deal with all the necessary frameworks that inevitably go with the sale of a business.
Naturally, you will have many questions about selling and the professional services offered by brokers on the Gold Coast. Here are some tips to know when first approaching a big sale.
You can sell on your own and by verbal agreement but you don’t need us to tell you that may not go to plan. 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 nail 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 and around the Gold Coast, Australia.
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 on the Gold Coast in Queensland 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 buying and selling a business. 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 small 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 Queensland.
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.
You’ll need backdated paperwork for at least 4 years and a minimum 2. The buyer will need to see good figures well presented. The bottom line is key here. A good broker will make sure revenue and profit are clearly defined. Financial statements, tax returns, and legal and compliance are fuel for a broker to ensure you the vendor get the highest price.
All this preparation works toward the most important thing. An Exit Planning Strategy. Good business brokers will create a good strategy, this work-up will mean better compensation for the seller and a timely conclusion. The outcome is an award with which the broker goes forth to another client. A broker is a good as the last sale. This means total dedication to executing the deal. Bearing this and statistics in mind, a broker with panache can raise the selling price by up to 20% or more.
If you are planning a business sale in the Gold Coast area we are well-positioned and knowledgeable. We serve places like Southport, Burleigh Heads, Robina, Brisbane and all South East Queensland areas. Marc Phillips can deal with any Gold Coast business sale and all the important things that go with it to bring it to a successful sale. He has 15 years experience in a wide variety of company sales. CONTACT Marc today.
Call Marc