Getting your business ready to sell

Tidy up your numbers

Buyers will ask for two or three years of profit and loss statements. Ask your accountant to prepare them clearly, and keep a written list of any personal expenses run through the business so you can explain them.

Decide which kind of profit you'll show, owner's earnings or net profit after an owner's wage, and use it consistently.

Know where your lease stands

Check how many years are left and what options you have to renew. The landlord will usually need to approve a new tenant, so it helps to talk to them early.

List what's included

Write down the equipment, vehicles, stock, website, social accounts and phone numbers that come with the business. Decide whether stock is included in the price or paid on top (+ SAV).

Make the business less reliant on you

Write down how things are done, from opening up to ordering stock and paying staff. A business that runs without the owner every day is easier to sell, and buyers often pay more for it.

Work out a realistic price

Look at similar businesses for sale and compare their price with their profit. An accountant or business valuer can help you set a price you can back up with your figures. If you'd rather not show it, you can list as price on application.

Plan for privacy

If you don't want staff, customers or competitors to know you're selling, you don't have to name the business in your ad. Buyers see your suburb, never your street address.