- Do you have good staff records?
Staff entitlements will be adjusted on settlement day. This includes annual leave, sick leave and long service leave (LSL applies to anyone including casuals that has been working for your business for a period of five years or longer).
- Do you have employment contracts?
Check all of your staff are on the correct pay rates
- Loans on plant and equipment.
Loans are to be paid out on settlement, a new owner will expect the equipment to be unencumbered (unless otherwise negotiated throughout the sale process).
- Leased & Rented equipment.
If you have any leased or rented equipment and you expect the new owner to take this on you will need to provide copies of the agreements.
- Talk to your accountant about any tax that may be payable on the sale of your business.
- Talk to your solicitor about the business sale, there may be aspects of the sale they want to talk to you about.
- Be prepared to keep your business financials current.
If you want the best price for your business you need to keep your financials in order and up to date.
- Keep communicating with us!
If anything in your business changes we need to know about it. This includes change in financial performance, staff changes, equipment purchases or anything else that changes that’s critical to the day to day runnings of the business.