Can you answer the
following questions:
- Why do I want to sell the business? (retire, buy another, good opportunity)
- When do I want to sell the business? (immediately,
soon, 12 months, whenever)
- Would I buy this business? (be honest-would you really?)
WHAT IS THE BUYER
LOOKING FOR?
- Do you have the last three years of
financial figures?
- Do you have at least the last 12 months
purchase records available? Where are they?
- Do you have BAS records to support figures
supplied?
- Do you have a current lease? How long to go? Any options?
- Is your business increasing, steady or
decreasing? WHY?
- Is your business profitable? Can you prove
it?
- Do you have a lot of slow or dead stock?
What are you doing about it?
- Do you have a systems manual for your
entire shop? If not do you need to start one. (OH&S, Safety Data Sheets
etc)
- Does your business present well? Light
bright, tidy?
- Have
you completed a SWOT analysis (strengths, Weaknesses, Opportunities and Threats
) on your business? If not we can assist you with this!
If you are serious
about selling your business you should have answered yes to the majority of
questions above.
Generally in Real
Estate agents and commentators talk about the
3P’s - Position,
Position, Position.
In selling
businesses we talk about the 4 P’s- Preparation,
Presentation, Profit, Price!!