Planning, professional marketing, timing and finding the right match regarding value and terms are just some of the ingredients that go to making a successful business sale.
The following infographic is a distillation of lessons we've learned over many years as business sale transaction advisors.
Use these tips to help you make the right decisions when preparing your business for sale.
Information is key
Our number one tip is to provide credible information. I cannot stress the importance of this enough.
Ask yourself: 'If I was considering buying this business, what would I want – and need – to know in order to make an informed decision about the opportunity?'
Often as a business owner we take things about our business for granted – things like...
- our customer base
- our supplier network
- our product design
- the way our business is structured
- the make-up of our team
- relationships
- market
- financial performance
- risks associated with the business
...but knowing all these things is critical to a purchaser accepting the value of a business.
For the full explanation of our Top 10 Do’s and Don’ts of Selling a Business, download our free eBook: How NOT to Sell a Business.
If you are planning a business sale or purchase, contact the team at JPAbusiness on 02 9893 1803 or 02 6360 0360 for a confidential, no-obligation 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.