Selling a business – video transcript

In this Selling a business video, understand the steps involved when selling your business, including how to prepare your business for sale and making the most of the sale.

Selling your business

This video will guide you through the steps involved in selling your business.

Visit our page – Before you to decide to sell or close your business – to decide if selling your business is the right choice for you.

Selling your business is likely to have significant financial and legal implications, so seek professional advice to make sure you meet all the necessary requirements and are making the right decisions.

Selling your business requires careful planning to ensure a smooth transition for your staff, your customers and yourself.

There are a number of steps you can take to prepare for the sale of your business.

Visit our Preparing to sell your business page to find out what you can do to make the process of selling your business easier.

You may decide to sell your business privately or go through a business broker.

A broker can help you with:

• the valuation of your business
• promoting and advertising the sale
• and
• negotiating the best deal.

Our Selling through a business broker or real estate agent content can help you decide if using a broker is right for you.

Before you list your business for sale, you will need to determine its value.

Valuing a business can be a complex task, and is based on a number of aspects including:

• operational
• legal
• and
• financial information.

An independent valuation can offer a more complete picture of your business's value.

Visit our Valuing a business page to learn more about getting your business valued.

In order to generate interest in your business, you will need to promote it to potential buyers.

Use our free sales prospectus template to learn how to maximise interest in your business and get the best price.

You will also need to provide information about your business for prospective buyers to assess as part of their due diligence.

The Preparing documents for buyers section will help you compile this information.

Selling your business is about more than just the sale price. There are other elements you may need to negotiate.

You'll also need to consider various legal obligations before you can officially hand over your business.

Our Completing the sale of your business page has important information on contracts and other considerations to help you with this process.

Selling your business can be a stressful time. It can take a lot out of you both mentally and emotionally.

The Business Queensland website has mental health and wellbeing resources available to use if you need them.

Watch the Selling a business video.