How Long Does it Take to Sell Your Business?
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by: Nigel
Normally, most businesses for sale take an average of four (4) months to sell. Some businesses for sale can even take up to one year and others never sell at all! There are three major phases in selling businesses for sale. The first is the preparation, second is the marketing to contract and the third and most important is fulfilling the terms and requirements of the contract and taking the businesses for sale contract to settlement.
To make sure that your business for sale will be sold in real time, here are the things you need to do:
Preparing businesses for sale:
• Have a current lease or sub lease in place.
• Prepare the Profit & Loss statements and tax returns of your businesses for sale.
• Prepare balance sheet and depreciation schedule.
• Obtain the independent valuation on assets.
• List all your businesses for sale equipments.
• Obtain advice on tax issues from your accountant or financial advisor.
• Off load surplus assets not needed in the business.
• Secure Business appraisal, benchmarking & KPI’s.
• Improve the transferability of the businesses for sale by having systems and procedure manual in place.
• Hold off major capital purchases prior to selling.
Marketing to Contract
• Prepare the presentation and financials of your businesses for sale.
• Produce an executive profile.
• Implement the marketing plan.
• Advertisement booked and place in press & websites.
• Initial purchases response, interview, qualify.
• E-brochure & slideshows of your businesses for sale.
• Website tracking and performance indicators.
• Networking with other business brokers.
• Prepare the buyers confidentiality agreement.
• Inspections with buyers.
• Letter of offer.
• Draft contract for buyers/sellers solicitors approval.
Contract to Settlement
• Obtain buyers details, accountant, solicitor, bank.
• Signing of the businesses for sale Contract.
• Pay deposit.
• Advise stamp duty and legal costs.
• Finance application / approval.
• Confirm lease and or franchise agreement.
• Advise staff and suppliers of changeover.
• Secure Licenses and permits of the businesses for sale.
• Safety certificate for motor vehicles and machinery.
• Insurance, work cover, ATO registration.
• Training for handover.
• Discharge deposits.
• Settlement
To make sure you are on the right track in buying businesses for sale, visit http://www.bizsellbuy.com.au/ for more information.
About the Author
I am an internet professional that helps BizSellBuy achieve its goal in letting people know the different types of businesses for sale that can be used. For further details about their Buying and Selling businesses please visit them online at http://www.bizsellbuy.com.au/.
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