If you are planning to put your business on sale, it is important to take on a more strategic approach. It can be a real challenge knowing most businesses today experience hard negotiations and low enquiries.
And with banks clamping down on lending, running and selling businesses have become increasingly challenging.
Here are some tips:
Work with your Melbourne accountant for proper business valuation. What your expected price may also not be what the market thinks. Take time to communicate with your Melbourne accountant ad review the financial aspects of your business.
Have you considered approaching competitors in your area? Often, the best prospects are competitors, especially those who are looking to grow and expand their operations. Coordinate with your Melbourne accountant to ensure all financial records are in place. Potential buyers will want to review this information.
It may take months or even years to find a buyer. If you are set on your price and terms, then hang in there. While it may take a single person to make that decision to buy your business, that individual may be difficult to find.
Don’t hesitate to work with the industry experts. Aside from your Melbourne accountant, you may need to seek the assistance of a business broker. It may mean an extra expense but it may not only speed up the process, your interests are better protected when working with reliable professionals.