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Tips for Selling a Business

By: Peter Watson
Total views: 1737
Word Count: 601
Date: Tue, 7 Feb 2012 Time: 2:59 PM

Maybe you're looking at selling a business for the first time in your life. You've worked hard for a long time, but now you're ready for a change.

Or, maybe running this company just isn't what you thought it would be. Worse yet, maybe it's heading in the wrong direction and you're not quite sure what to do.

Whatever the reason, you've finally made the decision to unload your organization. Now that you've made the decision, what do you do?

What are the steps involved? Is it something you can do yourself?

Where to Find Help for Selling a Small Business

Selling a small business on your own is something you can certainly do if you'd like. But, it's difficult, time consuming, and you may not be aware of everything involved.

Fortunately, you're smart enough to realize when it's time to ask someone for help. And, now is just one of those times. You don't want to leave any money on the table if you don't have to!

One professional that can help you is a valuator. A professional valuator can tell you how much your company should sell for right now. His opinion will carry more weight than yours, and people will be more interested in buying from you.

Brokers may have access to connections you don't. They can help you work through the whole process, providing valuable insight along the way.

Finally, you'll almost always want the help of a lawyer. He or she can help you create a document that effectively summarizes your organization. They can also formally draft a purchase or sales agreement providing you with legal protection.

Tips for Selling a Business in Australia

If you're looking to get out of the game and begin selling a business in Australia, remember these tips:

  • Only sell for the right reasons. Don't sell when you are sick or going through divorce! Interested prospects will use these circumstances against you. Instead, sell because you have found a better opportunity. Or, sell because you're looking for a new lifestyle.
  • Determine the true value of your organization. The true value of your company is really what people will pay for it. The opinion of a professional valuator can be helpful. He or she may know what the market is currently willing to pay.
  • Make sure your company is in tip-top shape. If you are letting things go, you won't be able to command a top price.

When Selling a business in Australia, Approach Many Different Buyers

Don't take the first or second offer that comes along. These people may be low-balling and seeing what you'll go for.

Instead, if you are selling a business in Australia, talk with many potential purchasers. Eventually, you'll recognize which one is the right one.

Maybe you're looking at buying a business. Now what? Actually many of the tips that apply to selling a business also apply to purchasing one. If you think it through and use professional help throughout the entire process, you'll be okay!

Successfully Selling a Business Requires a Little Luck Too

Who knows? Maybe you'll bump into the right person right away who is willing to pay you a high price. Sometimes, luck can be a large determining factor in the success of selling a business.

About the Company

Business Trader is an online network that connects business owners with business buyers across Australia.

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