Is your Business Sale Ready?
1: Know your Business,
It’s a fundamental requirement to know and understand your numbers: past, current and by way of a forecast at least the next 12 months and ideally 3 years. Management accounts should be completed and produced in a timely manner. These should include adjustments for pre-payments and accruals – the profit for the period under review should reflect what’s happened. The balance sheet should balance be up to date. Assets recorded in your depreciation schedule should be current and still in possession of the business.
Step 1: Engage a Professional Business Broker or Buyers Agent
Wollongong offers the lowest costs for professional service businesses and that paints an exciting picture for the future, according to Wollongong City Council economic development manager Mark Grimson.
Mr Grimson sites data from a recent survey that reveals Wollongong's CBD is set to rival Parramatta, Sydney CBD and Melbourne CBD as the newest magnet for talent and businesses operating in areas such as finance, accounting, HR, administration and IT.
This April sees two of Wollongong’s market leaders, MMJ Real Estate and Amplify Business Sales partner up to provide a real estate powerhouse like no other in the Illawarra. MMJ Real Estate already offers the most diverse real estate experience for clients in the Illawarra, but has now increased its range of services to include Business Sales & Acquisitions.
When investigating a business to buy, purchasers often only ask about the figures. Their questions are all about what does it make?