Selling or closing down a business can be a very emotional time. There is an excellent checklist on the ATO website – this article helps to explain some of the more confusing points that need to be addressed whilst selling/closing a business in Australia.
As a business owner, it might hard to envision a period when you do not report to your company in the morning. However, there is a reality in the business world where, at times, the circumstances for you to sell your business will present themselves whether you are prepared or not. Have you ever found yourself in that situation and asked yourself ‘what would be the most profitable time to sell my business?’ This feature is dedicated to helping you understand the personal, business and industry considerations that you need to factor in to determine the right time to say ‘I can now sell my business.’
Obtaining the equity your partner owns in your business can be a confusing or often difficult process. Perhaps your counterpart in the firm could have gotten an opportunity elsewhere that he wants to focus on or, as is also common, there has been a personal conflict, and the two of you cannot stand each other. Business partnerships could end for many reasons. Some of the endings to partnerships could be peaceful and lead to the best benefit of both flanks under the situation. Alternatively, some partnerships' endings involve pain, tears and a whole lot of lawsuits. Regardless of what kind of way the business ends, the tips below are necessary so as to ensure that you successfully buy out your partner.
Competitors for your already-established business can make great buyers. By purchasing your business, competitors will be able to gain immediate benefits. They already have the manpower and expertise to run your business. In most occasions, all they would require would be a slight change in the branding of your business, and they would be all set. In Western Australia, competition might be fierce, and you may want to sell your business while you are still at a profit. Alternatively, you may be retiring and need to sell your business. Whatever the reason is, the following tips can help you get a great deal on how to sell a business today.