Checklist If I Want to Sell My Business
One of the questions we often receive is: where can I find a checklist for preparationor the process if I want to sell my business? To this end, we provide a comprehensive checklist on our website.
To help you get started, let us consider the main points in answering your question: “What do I need to sell my business?
Information is Vital
Prepare the necessary documents and information to answer the buyer’s questions. Every buyer will want to perform due diligence to minimise their risk. Make sure you are prepared for this. Apart from the delays caused by such, many deals are lost because of the lack of information readily available.
Once the buyer has assessed the information, they will sign a letter to confirm the successful outcome of their due diligence and investigations and proceed with the sale of the business.
If You Do Not Know What Stock Is Available, How Can You Set A Price?
It is of no use to state “My stock take has not been done, but we can do it together upon the sale.” The buyer wants to know what stock is included in the sale. True, a final stocktake is done before handover, but to set a price, you at least need to have the cost prices for all the products available and must have a base from which to work in calculating the value of the stock to include in the sale.
As part of the process, organise the invoices before the stocktake is done. Our brokers can provide you with guidance on how to organise the stock-take process.
Prepare the Asset List
. Assets are the items of value that form part of the sale. Such include everything from computers and furniture to trademarks, vehicles, machinery, trailers, and the likes. Our brokers can also advise you on the preparation of a comprehensive asset list. This is essential as the assets add value and ensure the best possible sale price.
Clean and Repair
Clean, neat, well-maintained, and working equipment, products, and fixtures are essential. Rather than expand the premises or create a new product line just before the sale, make sure everything is in working order. Create the window dressing and then deliver with an awesome offering.
Compliance with Legislative Requirements
You do not realise the importance of up-to-date permits, licenses, financial statements, and taxes until you want to market the venture as for sale. Do not let non-compliance with labour laws, food certificates, safety requirements, and the likes cause delays in the sale. Update manuals, procedure policies, employee information, and safety regulations.
Finally, make sure you work with a trusted broker to help you prepare and market the business at the best possible price. Visit our seller checklist for a comprehensive answer to your question: “what do I need to sell my business?”