If you are buying or selling a business, you will understand there are many important points to consider before making a decision. First and foremost, it's important to bring in the help of both a professional accountant and lawyer, such as glenn duker. If you are simply toying with the idea, then we would recommend considering the following points before taking the next step.
Buying and selling a business is quite different to selling a PlayStation 3 or a fridge. Potential buyers expect to see a number of different things prepared for them before even considering the purchase. Preparing your business for sale requires gathering all the information you can,including assets and liabilities. This helps to determine the value. It's critically important to have your books up to date as one of the first things a buyer will ask for is past financial statements.
Buyers will also expect a sales forecast for the foreseeable future. These forecasts need to be as realistic as possible, as producing untruthful reports will bring more trouble than they are worth.
While preparing for the sale, it's more important than ever to keep your business running as well as possible. It's understandable that preparing for the sale will take up time that will have normally been spent running the business. However, now is the time to have everything in order, making it enticing for potential buyers. Think of it as keeping your house in prime condition just before an open house inspection.
These are just some initial thoughts if you are considering selling. For professional advice, please contact http://www.glenndukersolicitor.com.au/ today. Remember, if someone has made you an offer for your business you should be flattered, not threatened. Think of this as acknowledgement that you have become successful enough to pose a threat to competitors.
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