Services & Packages for Buying and Selling a Business
If you’re looking to buy or sell a business but have no idea where to start, you’re not alone. There seems to be an overwhelming amount of things to tick off the list when you look at it from the bottom up, but with some careful planning buying or selling a business doesn’t have to be as stressful as you imagined.
Many people choose to consult with a business broker who has the expertise to find you businesses or prospective buyers, as well as negotiating the best offers and prices for the sale. There are also serviced packages available to help you with various aspects of the buying or selling process.
The aim of this page is to guide you in the right direction of service packages that can help you streamline and improve the process of buying or selling your business.
Regardless of which side of the table you’re sitting on, you want to get the best possible deal and make the process of buying or selling a business as smooth and stress-free as possible. It’s something you want to start and end with confidence, and research, due diligence, legal matters and strong negotiations are key.
What services and packages are available for buying and selling a business?
Some of the services and services packages to help buyers and sellers of businesses include:
- Business sale listing and advertising packages
- Business appraisals/valuations
- Due diligence
- Preparation of legal documents
- Registering intellectual property
- Exit strategy planning
Where can I advertise my business for sale?
The first part of buying or selling a business is knowing where to look for and list a business. Aside from word of mouth and network connections, where do you find great business opportunities and well-aligned buyers?
Websites like those listed below offer different listing and advertising packages which can include Google Ad campaigns, print advertising collateral (such as brochures and print/e-magazine features) and social media posts.
- Business2sell.com
- Buyabusiness.com
- Exitadviser.com
- Bsale.com
- Businessforsale.com
- ForSaleByOwner.com
The benefits of using platforms like this are that buyers and sellers can contact you directly.
How much is my business worth?
A business appraisal, also known as a valuation, is a professional, independent assessment of the value of your business. It’s usually offered by business brokers and business advisors.
A professional business valuation not only determines how much your business is worth and why, but it also identifies any areas of weakness and potential irregularities in a seller’s financial reports. It can shed light on trends and growth projections in your industry’s market, and can also offer action points as to how you can increase the value of your business.
As well as buying/selling a business, business valuation services are also required for business succession, shareholder disputes, financial and tax reporting and family law settlements.
What documents do I need to value a business?
To value your business you’ll need to prepare the following documents:
- Financial statements
- Records of physical assets and other assets, e.g. intellectual property
- Business registration documents
- Legal documents, e.g. insurance policies
- Employee details
- Supplier details
- Customer details
- Business plan
- Sales history and forecasts
Note: This list is not exhaustive and you may need to provide additional information.
What is due diligence?
A due diligence check is a service offered by business advisory firms and business brokers to ensure that you have the clearest possible idea of the business you’re buying and any potential risks you’re taking on. A due diligence check helps you minimise any surprises after a deal has been closed.
What documents do I need when buying or selling a business?
Selling or purchasing a business involves a long list of legal matters. While it’s possible to produce these legal documents yourself, it’s not recommended. The stakes get higher as you go through the sales journey and you can’t afford to make errors on the legal side of things.
A qualified lawyer or legal firm can offer tailored advice to your particular circumstances and the legal documents required.
Sellers need to produce legal documents including:
- Non-Disclosure Agreement (NDA)
- Letter of Intent
- Business Sale Agreement
- Vendor’s Statement (Section 52 Statement)
- Heads of Agreement (HOA)
Buyers of a business will need to provide legal documents including:
- Purchase of Business Agreement
- Acquisition Agreement
- Confidentiality Agreement
- Heads of Terms
- Completion Documents
Do I need to register intellectual property (IP)?
When you sell or take on a business it's important to review whether there is any intellectual property (IP) you would like to protect. Business advisors and law firms offer services to assist in IP applications including trademarks, patents, copyright and domain names. They can also represent you in the case of a dispute.
How do I plan my exit strategy?
Exit strategy planning helps you figure out the right approach to take when determining what comes after your business, whatever that may be. It helps you map out the next steps by considering the many financial, operational and emotional aspects involved with running a business. Exit strategy planning may include:
- Developing and rolling out an exit strategy
- Succession planning
- Private wealth advice
To get expert advice on the specific steps you need to take, reach out to a business broker. You can also post a question in our Q&A section.
