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When Recently I have noticed an uptake in enquiry from owners wanting to sell businesses in Albany. Generally there are a number of reasons for selling a business such as retirement, choosing different career paths, family priorities, health issues are just some of them. When selling a business there is a lot involved and historically it takes longer to sell a business then a residential property. Lending criteria’s are different for example banks will look at a variety of factors before allowing a business loan.
It can take even longer to sell if you don’t have all your information & data ready which is why I’m about to give you a few items that you should have ready. Here are just a few things you should make available. The last 3 years financials, profit & loss statements, balance sheets, plant & equipment lists, stock lists, budget & cashflow charts, lease of premises & business plans. Depending on your business there is other information as well but there are people available to assist you with what you need.
An astute buyer will be completing what they call “due diligence”. In English this means to research and investigation into the business, making sure everything stacks up for what they are paying for. Accountants or people specific to that industry are people that can help or assist you here. You may also want to try your local Small Business Centre. Here in Albany it is located at 222 Chesterpass Road and can provide valuable advice and assistance when purchasing.
Buying or selling a business is a huge decision. So when doing this make sure you have all the information available from both sides. This way it should assist things to happen in a quicker timeframe.