What Is A business Broker And Why Do I Need One When Selling My Business?

Updated: Aug 8, 2019

There are many reasons why you’d want to sell a business you’ve spent years building. You might want to pursue a different opportunity or relocate. Perhaps you’re ready to retire and want to free up cash for that long awaited holiday, or maybe you’ve decided the entrepreneur life isn’t for you. Whatever your reasons are for wanting out, you want your business to go to the right person. This is where a business broker comes in. Keep reading to find out why using one is your best option when it comes to selling a business in Brisbane – or anywhere else in Australia, for that matter.


What Is A Business Broker?

A business broker is a specialist who helps owners sell their businesses and buyers find the right one to buy. They make the process of selling a business a legally compliant, simple and profitable one while ensuring that those who take over the reins acquire something they can financially benefit from in the future. For this, they usually charge a small fee of the sale price.


Do I Need A Business Broker?

Even if you think you know all there is to know about winding up your involvement in a business, you could miss something. It’s in your best interest to get a business broker on board from the moment you start entertaining the idea of selling up. You’ll find that with one at your side, the process goes better than anticipated.


A business broker will start by valuing your business’s assets and liabilities, advertising it on your behalf and shortlisting applicants for you to interview. Depending on your size and turnover, they’ll help you to prepare mandatory statements, outline the minimum deposit and settlement period required, and create a process for training or staff management (if they’re keeping your staff on). They’ll make sure you are insurance, Capital Gains Tax and Goods & Services Tax compliant and once you’ve chosen a buyer, they’ll draft a contract including restrictions of trade that may apply.


Most people are surprised at the amount of work that goes into selling a business, and if you don’t do it correctly, it could become a complicated and expensive affair. Best work with a business broker from the outset to get the clean break you deserve and money in your pocket.


Related Tag: Business Valuations Gold Coast


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