Business / Franchise Selling Process:
- Are you looking to sell a business or franchise, you are at the right place?
We have made the following business/franchise selling process easier for you.
►Step 1: Business Information Memorandum and Documents:
Please download Business Information Memorandum and List of the documents required to sell your business. (If you don’t have all the documents ready, you can arrange later). We will then assign a Business Broker (consultant) to arrange a meeting with you and discuss in detail.
Click here to download the forms:
►Step 2: Meeting and Business Valuation:
Our consultant will meet you, explain you the whole process and most important discuss the business valuation / price. During the meeting, you will sign the authority to sell the business or a franchise.
►Step 3: Advertise / Marketing
We will advertise your business for sale on the top Australian Website. On several occasions, we already have an interested buyer(s) in our data base looking for a similar business. Please note: that we have the baggiest database of customers / interested buyers. We circulate your business profile to our overseas offices those source investors/buyers from the embassy when they come for a business visa or migration visa. We also have a referral arrangement with business migration agents, solicitors and tax agents.
►Step 4: Confidentiality
It is extremely important to keep the selling process confidential. The interested buyer has to sign confidentiality agreement which clearly explains to keep the business information a confidential. The interested buyer not allowed contacting the vendor, stockholders’ employees, customers, suppliers or competitor and family members. The only contact person is a Business Broker. The business inspection should be organised when there is no one or after hours. When advertising must not use the business images, address or location. We give prime importance to keep the selling process confidential.
►Step 5: Inspection
Once a prospective 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 the vendor at their convenient time. This will give the buyer an opportunity to interact with the vendor and understand business model in detail.
►Step 6: Offer
The vendor (seller) have to provide a number of documents to the purchaser through the Business Broker that include lease, disclosure, section 52 / financial, franchise agreement, list of the chattels, IP etc. When both parties (buyer and vendor) agreed on a price and terms and conditions, the buyer will put an offer in writing with the deposit amount. The deposit amount remains in Business Brokers Victoria Trust Account till the settlement.
►Step 7: Contract of sale of business
Sale of the 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 a further proceeding that include: (a) transfer of lease, (b) Council Health Inspection, (c) transfer of business name, (d) transfer of franchise, (e) transfer of food registration (Food Act), (f) transfer of liquor and another license requirement. The vendor will inform to the landlord: the landlord will advise his / her solicitor to coordinate with Business Broker, vendor’s solicitor and buyer’s solicitor. Please note: the landlord’s solicitor always consider that new tenant has relevant experience to run the business, the 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, the buyer brings bank cheque(s) or direct deposit amount into Business Brokers Victoria Trust account for the residual amount and stock value. The buyer will verify the list of the equipment/chattels. Both parties will sign handing over taking over form supplied by the Business Broker. The vendor will hand over the property keys to the purchaser. The vendor will get the price of the business/franchise plus stock amount on the 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 personalise 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.
- Contact us and book a time for a meeting with our consultant.
- Email: email@example.com