What you must consider when selling your business

Are you ready to move onto your next stage in your business life? Have you come to the realization that the current business you are running just isn’t workout out? No matter why a person sells, there are certain things to consider when getting ready to sell your business. 

It is vital that you consider doing the following: 

1. Negotiate the right price for your business (your lawyer or business broker can help you with this);
2. Ensure that your sale contract is thorough and complies with all applicable laws;
3. Transfer all leases, licenses, permits and intellectual property;
4. Finalise tax returns, activity statements and instalment notices;
5. (If applicable) cancel your ABN and transfer or cancel your business name;
6. Ensure that all your employees are either transferred to the new owner or end their employment. 

Depending on the type of your business, such as franchise, there may be additional considerations that you need to think about before starting this process. 

If you have further questions, please contact us at frank@franklaw.com.au

This is not legal advice. 

Written by Tim Cargill & Zdenka Marinov and edited by Andrew Graham.