- April 14, 2016
- Posted by: admin
- Category: Business Valuation, Selling Your Business
Melbourne is an awesome city for business. If you are planning to move out of Melbourne or just move on to a different endeavour, selling your business should be fast and easy. After all, there are a lot of people who want to start a business here and buying an existing one sounds more uncomplicated than starting from scratch. However, it’s a different story when you want to get the best price for your business. This goal requires a bit more time and effort to accomplish. Here are tips to help you get started.
- Give it time. Getting a good price involves time, both for prepping the business to make it more attractive and in waiting for the right buyer. Business experts are in agreement that a year or two should give you ample time to ensure a better price. Use it to improve your business and make it easier for your buyer to handle the transition.
- Gather documents. Work with your Melbourne accountant or hire a small accounting firm in Melbourne to help you organize and evaluate your financial statements and other relevant paperwork. Potential buyers will want to look at these so prepare copies before putting up your business for sale.
- Get a valuation. It’s normal to want the best price for your business but don’t go overboard. Nothing is more disappointing for buyers than an inflated selling price. Avoid this by getting a Melbourne accountant or a small accounting firm in Melbourne to oversee business valuation. A clear and detailed report will render credibility to your asking and listing price.
- Go for a broker. It’s easy to see a broker as an additional expense as you have to pay for his or her commission, but a good one can help you fetch the best price because they naturally want a higher commission. They can also help you find and filter buyers, thereby saving you time you can spend on improving business or gathering documents.
- Give the reason but highlight potential. Buyers will ask why you want to sell your business, and if your reason is that it is not profitable or one that they will see as a major concern, make sure you emphasize the other attributes of your business like brand recognition and strong customer base.