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Three Critical Steps to Prepare for Selling Your Business

Three Critical Steps to Prepare for Selling Your Business

Three Critical Steps to Prepare for Selling Your Business

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05/01/2024
views 426

Prepare Clear and Accurate Data:
- Identify any costs that were previously added for tax purposes and consider reducing or eliminating them. This will simplify the financial reports for potential buyers.
- Ensure that the financial data is transparent and easy to understand.
Reduce Dependency on Yourself:
- Empower your employees to take on more management responsibilities. A business that relies solely on the owner can deter potential buyers.
- If you plan to sell, prepare for a transition by reassigning tasks and ensuring that the business can operate smoothly without your direct involvement.
Understand the Complexity of the Selling Process:
- Selling a business involves more than just hiring a broker. The negotiation and validation processes can be challenging.
- Be actively engaged in the business operation and approach the sale with dedication and thorough preparation.

For further details, you can refer to the valuable article linked below:

Three Critical Steps to Selling Your Business at a Premium

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Confidentiality Agreement

In considering for information on business(es) offered for sale by Sinosmart Business Brokering Pty Ltd trading as Sinosmart Business Brokering (herein after called Sinosmart), I/We, being the people named in the Agreement set out below, acknowledge that we are prospective Buyers of the business described in the Agreement and in consideration of you and the Seller allowing us to inspect a business profile and other material relating to the business and/or the Seller’s agreement and your arrangement on the Seller’s behalf to allow us to inspect the business, we acknowledge and agree as follows:

In relation to this listing: -

The business profile and material may include: i. non-verified and unaudited trading results and/or profit and loss reports; ii.related industry averages and/or approximate costs/expenses, projected trading estimates.

That the profile and its information are to be used and accepted as a guide only. All information contained in it is our responsibility to verify and confirm, and we agree not to hold Sinosmart and/or its salespersons and authorised personnel responsible for its accuracy, liability, or loss suffered by us in relation to the information contained in the profile.

The business profile and material and all things connected and related to this material are confidential and we agree not to disclose them to any other person except our legal, accounting, financial advisers and bankers but then only on the basis that they have to provide to us their agreement, prior to receipt of the material, to keep this information confidential unless the Seller’s prior written consent is first obtained to allow disclosure of this material to that party.

I/We acknowledge that, as a result of perusing the business profile and material, and during the course of the inspection of the business, we will become aware of information regarding the operation of the business and in particular the marketing of the business which is personal to the seller and which has real financial value to the Seller. We acknowledge that, should such information become known to the Seller’s competitors or other parties interested in setting up a similar business in opposition to the Seller, or used by ourselves in the operation of a similar business, these actions could cause financial hardship to the Seller and therefore the Seller might seek compensation.

All inspections of the business are to be by appointment, arranged through Sinosmart only, and we agree not to attempt to inspect the business or the premises upon which the business is carried on, or contact the Seller direct other than through and with Sinosmart. I/We have been introduced to the business(es) by Sinosmart and/or its personnel.

I/We confirm that we have not and will not make any approaches, or attempt to contact the owner or staff of the business and at all times will maintain the confidentiality of the business and all information provided by Sinosmart.

I/We further understand that if this agreement is breached, it may result in legal action being commenced to recover all losses caused by a breach of this agreement.I/We understand that Sinosmart, its agents and/or its personnel are not Investment or Financial advisors. Its role in this matter is to simply relay information, on the below mentioned business(es) as provided by the Sellers, in its capacity as a representative of the Seller. Furthermore, I/we acknowledge that we agree to the above conditions.

In considering for information on business(es) offered for sale by Sinosmart Business Brokering Pty Ltd trading as Sinosmart Business Brokering (herein after called Sinosmart), I/We, being the people named in the Agreement set out below, acknowledge that we are prospective Buyers of the business described in the Agreement and in consideration of you and the Seller allowing us to inspect a business profile and other material relating to the business and/or the Seller’s agreement and your arrangement on the Seller’s behalf to allow us to inspect the business, we acknowledge and agree as follows:

The business profile and material may include:
i. non-verified and unaudited trading results and/or profit and loss reports;
ii.related industry averages and/or approximate costs/expenses, projected trading estimates.
That the profile and its information are to be used and accepted as a guide only. All information contained in it is our responsibility to verify and confirm, and we agree not to hold Sinosmart and/or its salespersons and authorised personnel responsible for its accuracy, liability, or loss suffered by us in relation to the information contained in the profile.
The business profile and material and all things connected and related to this material are confidential and we agree not to disclose them to any other person except our legal, accounting, financial advisers and bankers but then only on the basis that they have to provide to us their agreement, prior to receipt of the material, to keep this information confidential unless the Seller’s prior written consent is first obtained to allow disclosure of this material to that party.
I/We acknowledge that, as a result of perusing the business profile and material, and during the course of the inspection of the business, we will become aware of information regarding the operation of the business and in particular the marketing of the business which is personal to the seller and which has real financial value to the Seller. We acknowledge that, should such information become known to the Seller’s competitors or other parties interested in setting up a similar business in opposition to the Seller, or used by ourselves in the operation of a similar business, these actions could cause financial hardship to the Seller and therefore the Seller might seek compensation.
All inspections of the business are to be by appointment, arranged through Sinosmart only, and we agree not to attempt to inspect the business or the premises upon which the business is carried on, or contact the Seller direct other than through and with Sinosmart. I/We have been introduced to the business(es) by Sinosmart and/or its personnel.
I/We confirm that we have not and will not make any approaches, or attempt to contact the owner or staff of the business and at all times will maintain the confidentiality of the business and all information provided by Sinosmart.
I/We further understand that if this agreement is breached, it may result in legal action being commenced to recover all losses caused by a breach of this agreement.I/We understand that Sinosmart, its agents and/or its personnel are not Investment or Financial advisors. Its role in this matter is to simply relay information, on the below mentioned business(es) as provided by the Sellers, in its capacity as a representative of the Seller. Furthermore, I/we acknowledge that we agree to the above conditions.

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