Ideally, a business will be set up for sale from the moment it begins operating.
After all, you never know when someone may approach you about buying your business, or when unforeseen circumstances may force you to sell.
A previous JPAbusiness client is a good example of why it pays to be prepared.
This multi-generational family business received an unexpected approach from a potential buyer and was quite unprepared to enter sale negotiations.
They did not have written procedures for many elements of operations, including pricing, project pipeline and marketing.
As a result, these written documents had to be created, complicating and extending the due diligence process which, in turn, delayed the sale.
You can read about the experience in our free eBook: Three sides of the business sale story.
Free resources to help you prepare
We have produced a number of free resources to help our clients and readers with business sale or transition preparation, including:
- Selling a Business Checklist
- Selling a Business Planning Sheet
- Vendor Due Diligence Checklist
- Selling a Business eBook and many more…
Take a look at our Resource Library for the full list of free resources and don’t be caught unprepared.
Sale support available
If you feel you would like support with the process, an experienced business advisor will be able to guide you in setting up your business so it is ready to sell or transition at any time.
For more information or advice, contact the team at JPAbusiness on 02 6360 0360 for a confidential, initial discussion.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.