Sell My Business / Franchise
Our Policy is “No Sale No Commission”. We are REIV Accredited Business Brokers. We are specialised in selling business and franchise. We have made this even easier for you either you contact us or click below and download business listing forms.These forms allow you to click and start filling in forms. Once you filled in the details save forms on your computer and send us as an attachment to your email.
As a business owner / franchise owner you like to know the business / franchise selling procedures; for your ease we have outlined hereunder:
►Step 1: Documents
Please fill in, sign and return above business listing forms with following documents:
- Copy of Lease and disclosure statement.
- List of the equipment / chattels: a) List of equipment / chattels fully owned with estimated present value. b) List of equipment / chattels on lease / rent / Hire purchase.
- Copy of Franchise Agreement (when applicable).
- Section 52 (FORM 2): Please speak to your accountant / tax agent. (For the purposes of section 52 of the Estate Agents Act 1980 a small business is a business in which the goodwill, plant, equipment and fittings being sold have a total price of $350,000 or less).
- Profit & Loss Statement & Balance Sheet (for 3 years). (Where the business turnover is more than $ 350,000 that includes goodwill, plant, equipment and fittings).
- Copy of Business Registrations.
- Copy of Permits (when applicable).
- Copy of License & approvals.
►Step 2: Business Valuation
Once you got above documents ready please book a time for meeting to discuss in detail to work out Valuation/ Selling Price of your business / franchise.
►Step 3: Advertise
We will advertise your business for sale on top Australian Website. On several occasions we already have interested buyer(s) in our data base looking for similar business. Please note that we have baggiest data base of customers / interested buyers. We circulate business profile to our overseas offices those source investors / buyers from the embassy when they come for business visa. We also have referral arrangement with business migration agents, solicitors and tax agents.
►Step 4: Confidentiality
It is very very important to keep the selling process confidential. The interested buyer has to sign confidentiality agreement. The confidentiality agreement clearly explains to keep the business information confidential. The interested buyer not allowed contacting the vendor, stockholders employees, customers, suppliers or competitor and family members of the business. The only contact person is Business Broker.
►Step 5: Inspection
Once buyer is happy with the information / details provided by the vendor in relation to Business /Franchise; we will arrange business inspection and if required meeting with vendor at their convenient time. This will give buyer’s opportunity to interact with vendor and understand business in detail.
►Step 6: Offer
When both parties (buyer and vendor) agreed on a price and terms and conditions, the buyer will put an offer with deposit amount. The deposit amount remains in Business Brokers Victoria Trust Account till settlement.
►Step 7: Contract
Sale of business contract will be prepared by the solicitor or Business Broker stating terms and conditions already agreed by vendor and purchaser (both parties).
►Step 8: Legal Process
The vendor and buyer will refer the matter to their solicitors for further proceeding that include: transfer of lease, Council Health Inspection, transfer of business name, transfer of franchise, transfer of food registration (Food Act), transfer of liquor and other license requirement. The vendor will inform to the landlord: the landlord will advise his / her solicitor to coordinate with Business Broker, vendor solicitor and buyer’s solicitor. Please note: the landlord’s solicitor always consider that new tenant has experience to run the business, capacity to pay the rent, have enough cash flow to run the business, provide good references, business plan, assets and liability statement and arrange security deposit and rent in advance.
►Step 9: Settlement “SOLD”
On the day of settlement, buyer brings bank cheque(s) or directly deposit amount into Business Brokers Victoria Trust account for the residual amount and stock value. The buyer will verify list of equipment / chattels. Both parties will sign handing over taking over form supplied by the Business Broker. The vendor will hand over the shop keys to the purchaser. The vendor will get price of the business / franchise and stock amount on settlement date.
The above business / franchise selling procedures are for your comfort you do not need to remember them as we are here to help you at all the stages. We provide personalize one to one service. Listing your business / franchise for sell with Business Brokers Victoria means you have peace of mind; we will take care of the rest.
Call us and book a time at your convenience.