Tips on Selling Your Business After the Pandemic
When will you start to prepare? What is the best time to start preparing for an eventual sale?
When will you start to prepare? What is the best time to start preparing for an eventual sale? Things are changing fast right now, and it’s definitely not “business as usual”. Why not take advantage of the current situation and be ready to sell when things eventually return to normal? One of the few certainties in these crisis (GFC, September 11, Asian Financial Crisis, bushfires, and so on) is that opportunities abound once we come out the other side. Buyers will be looking for new opportunities and when that happens, you want to be ready! Now is the best time to start preparation. There is no better time to get started than right now. Start planning and preparing when you want to sell – not when you have to sell. Selling a business should not be done in a panic, or under circumstances where the sale is forced upon you. You must sell on your terms, when you are ready to sell. Here is what I believe should be done in order to achieve a great result.
Here is what we believe should be done in order to achieve a great result.
- Ensure you access all economic support plans and stimulus packages available to you from banks and governments to keep things going as best as possible right now. Talk to your accountant and lawyer for advice.
- Reduce your business operating costs as much as possible in order to get through this period. Talk to your landlord about reducing rental, look at staffing cutbacks, contact the bank and discuss pausing any loan repayments or leases on motor vehicles. There are many little things that can be done to save a few dollars.
- Continuing the process of preparing your business for sale as this can take time. To do this we:
- Use the last 12 months trading results to determine the business profitability. This profit is the basis for appraising the current business value.
- We can analyse areas for improvement or risk reduction to make the business more valuable to purchasers.
- Start creating a marketing strategy to attract the most appropriate buyers and investors
Discuss the way that we will sell the business and have a business sale contract ready and waiting to go.
Eventually normality will return. Be ready for the day when things return to normal. Please contact our team if you would like to discuss what can be done right now to give you the best prospects for selling at the highest value when the time is right.
Now is the time to start working on this.
Contact us on 1300 366 521 if you have any questions.
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