Thinking of selling your business, but don’t know where to start? There is a lot to consider (even just deciding to sell is a big decision) and it can be an overwhelming process – but don’t fret, we’ve broken down the basics and provided a high-level process guide to help you through this sale.
First things first – to sell or not to sell
Before you get underway with a transaction, you should have the following sorted:
- Can you sell? Check if your governing documents allow you to sell your shares or business assets. Oftentimes, there’s a process involved and preliminary steps that might need to be taken for you to sell so make sure you figure out what these steps are first!
- How should you sell? If you’re wanting to sell your business, but not sure whether a share sale or a business sale is best then you should seek professional financial and tax advice so you can understand the optimal way for you to sell your business.
- Who to sell to? Now it’s time to find a buyer. If you haven’t already created a list of potential buyers, it might be worthwhile seeking help from a business broker who may have a contact list to help you.
With that sorted, now it’s time to sell
The steps for a share sale or a business sale are generally the same, however it’s important that throughout this sale process, the business maintains its performance and ensures it continues hitting its targets.
We set out this process below:
If you require assistance with any aspect of your business sale, please contact our business team for support on 07 3224 0265.
