More tips on preparing to sell a business.

Preparing to Sell a Business

When you prepare to sell a business the more information that you can supply the easy the whole process will be. Trying to sell a business when you are not fully prepared makes the transaction more complicated and less likely to complete. Most people who are looking to buy a business will expect the following.

• 3 years' Profit and Loss and Balance sheets
• Copy of previous 12 months' Business Activity Statements
• 3 years' tax returns.
• A full Inventory of plant, equipment, fixtures and fittings included in the sale
• Signed copy of lease on premises with any deed of assignment, extensions and covenants
• Signed copies of leases on equipment
• Full staff details

When collating this information make sure that all financial information is from your accountant, trying to sell a business without this will be very difficult. Serious buyers will not accept vendor’s figures and like you, we are only interested in serious buyers.

When you sell a business through Hogarth Associates you are assured of strict confidentiality at all times. All interested buyers must be registered and in a position to buy a business. With this in mind you should be confident that submitting all of the information above will only benefit you, and help us find the right buyer for you.

Be realistic when considering at what price to sell your business, look around at what other similar businesses are selling for to gauge what the market is doing. People who are looking to buy a business are all looking for something different, try to identify and really push the strong selling points of your business.  

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