Looking to sell your Business then it is vitally important that you are market ready.
Be emotionally prepared to part with your business. Ensure that your family are on board and that they also are prepared for you to part with your business.
Ensure that your Accountant has lodged your up to date Tax Assessment to the Australian Tax Office. A purchaser will not buy a business on old figures, they want to know how the business is preforming now. Purchasers generally ask for the last 3 years Tax Returns and Balance Sheets and up to date financial management reports.
All you’re Income Tax, GST and PAYE Tax needs to be up to date. If you have a debt to the ATO, this will reflect badly on the prospects of selling your business. All staff superannuation payments should also be up to date.
Different States have different regulations. In Victoria a business selling for $350,000 or under is also legally required to provide a prospective buyer with a Section 52 Vendor Statement.
If you are operating from leased premises, then make sure your lease is in order and all rent and outgoings are paid to date. The term of the lease can be crucial to the sale price of your business.
All the plant and equipment owned by the business should be in good working order and listed in an Inventory of Plant and Equipment.
If your business holds stock, undertake a stocktake prior to placing your business on the market.
Any licenses or certifications required by your business to operate should also be current.