9 Steps to Selling your business quickly

Selling a business can be a complex and time-consuming process, but there are strategies you can employ to expedite the sale. Whether you're looking to retire, pursue a new venture, or simply cash in on your hard work, selling your business quickly is a desirable goal. Here are the 9 key steps to help you achieve a speedy and successful sale of your business.

  1. Market Your Business
    Marketing your business is a key factor in selling it quickly. Create a clear introduction that highlights your business's strengths and unique selling points. Talk about the benefits to a potential owner, like being a lifestyle business or being able to work remotely. Include some professional images that show off your business in its best light.
  2. Listing your business
    While some opt to list their businesses through real estate agents, it may not be the most advantageous choice. Real estate agents typically specialise in selling homes, not businesses. Alternatively, you could consider working with a business broker, but it's worth noting that they often charge higher fees, including upfront costs and commissions. If you choose to engage a broker, it's advisable to seek someone with industry-specific expertise and a strong understanding of the local market. Business for Sale Merimbula is the only business dedicated to selling businesses in the Merimbula area. With an extensive online presence across social media, we can effectively connect potential buyers with other valuable local resources
  3. Target the right kind of buyers for Merimbula
    Not every buyer is the same, and people looking to buy a business in Merimbula, is different to someone looking at buying one in the city. Generally potential buyers in Merimbula are looking to make a Sea change and to buy a Lifestyle business. They don’t want to be chained to a desk or stuck inside. Try and make your business appeal to this sort of buyer be featuring the benefits or flexibility. If hey can work from home, even better. You can see some of the businesses that have sold recently in Merimbula here
  4. Prepare Your Financials and Documentation
    Buyers will want to see detailed financial statements, tax returns, and records of your business's performance. Well-organised and transparent financial documentation instils confidence in potential buyers, making them more likely to move quickly on a purchase. Speak to your accountant and arrange a financial summary of your business for the last 2-3years. This can significantly speed up the due diligence process, a critical factor in selling your business quickly.
  5. Maintain your business revenue
    Maintaining your existing sales revenue remains crucial for a business, even when it's on the market. That means you need to keep advertising and promoting your business. Strong sales figures show that potential buyers that your business is in good shape and will help you achieve a better sale price for your business.
  6. Qualify Buyers
    To save time and energy, it's essential to qualify potential buyers early in the process. Not all inquiries will lead to a successful sale, and dealing with unqualified buyers can be a major time drain. Make sure they have the financial resources and intent to purchase your business. Require confidentiality agreements to protect sensitive information about your company. By focusing your efforts on genuine, qualified buyers, you'll increase your chances of a swift sale.
  7. Set a Realistic Asking Price
    One of the most common pitfalls in selling a business is overvaluing it. Setting an unrealistic asking price can deter potential buyers and cause your business to linger on the market. When determining your business's value, it's vital to consider the prospective buyer's profile. Owner operators typically seek a business that can provide them with a sustainable income, while investors are primarily interested in potential returns.  For a quick sale, set a realistic asking price, which increases the likelihood of receiving offers promptly.
  8. Be Flexible and Negotiate
    Flexibility and open-mindedness are key when it comes to selling your business quickly. Be prepared to negotiate on terms, financing options, and other deal structures. By being flexible, you can accommodate the needs and preferences of potential buyers, making it more likely that you'll reach an agreement and close the sale sooner. Remember that a fast sale doesn't necessarily mean sacrificing your financial goals. A well-negotiated deal can be beneficial for both parties and result in a successful transaction.
  9. Don't let it drag on.
    Don't keep hanging on for a better offer, your first offer is often your best one. Letting the process drag on is not good for you and your moral. Also the longer your business is on the market, the less a potential buyer will want to pay for it. 

    Selling your business doesn’t have to be hard if you plan well and have the right approach in place. By preparing your financials, setting a realistic price, marketing effectively, qualifying buyers, and being flexible in negotiations, you can sell your business faster and move on to your next adventure with confidence.

Strong investment in to Merimbula and surrounding areas.

Merimbula is located on the South Coast of New South Wales and is part of the Bega Valley Shire. The area has been experiencing a steady economic growth in recent years which can be attributed to a number of factors, including an increase in tourism, investment in infrastructure, and the rise of new industries.

Tourism has been a major contributor to the economic growth in the area, with an increasing number of visitors flocking to the region to enjoy its stunning beaches and natural beauty.

The Bega Valley Shire Council has made significant investments in tourism infrastructure, including the expansion of the Merimbula airport to allow larger planes to land. Qantas has now joined REX airlines and provide regular services from Sydney and Melbourne to Merimbula.


Other major investments to infrastructure include;
•    $8 million on new Boardwalk
•    $7.5 million Twyford Theatre upgrade
•    $3.7 million Lake Street Walk
 
Commercial investment is on the rise as well with a number of major developments slated for the town including 2 residential major apartment buildings, a 5 star resort and a new over 55 living area. The retail CBD is also getting attention with a new development application in for a new retail shopping building with 50 apartments above. According to Our Merimbula the Merimbula Shopping District come back to life stating that ”In January 2020 there were 25 vacant shops in Merimbula, and in 2022 there were only 6."


The rise of new industries like Mountain Biking tourism will also play a significant role in the economic development the area.  The Bega Valley region is quickly becoming a popular destination for mountain biking enthusiasts. Tathra Mountain Bike Park already exists with over 50 kms of graded trail and more than $8 million being invested in to the new Eden tracks with 50 kms of gravity oriented trail network.


This continued investment and development in Merimbula and the surrounding region means that the local businesses and community are positioned for continued success in the future.

If you are looking for a business opportunity in Merimbula, visit www.BusinessForSaleMerimbula.net.au

Number of businesses for sale remains near record levels

The number of private businesses for sales remains near record levels according to the latest BizExchange Index which covers the March quarter.

BizExchange’s research found the percentage of businesses with EBIT (Earnings Before Interest and Tax) values between 1 and 2 remained fairly steady from the last quarter.

There were 32,597 businesses advertised for sale, only a slight fall from the last quarter when 32,789 were advertised, a record number.

BizExchange also recorded some softening in prices particularly with businesses with turnovers of less than $1 million. In contrast, prices on larger businesses were noticeably stronger.

BizExchange chairman David Bird said it is hard to tell how many private businesses are for sale because they\'re not all advertised, but what is advertised provides a good indication of the health of business sales.

“There are a lot of companies going broke and there are a lot of small companies not making any profits,” he says.

Bird says the figures reflect the difficult market conditions for small retailers and hospitality businesses.

“It may also presage the first wave of baby boomers selling good, established businesses”.

Bird says most small businesses are critical of the negative impact of Fair Work legislation which has reduced the flexibility of working hours and other conditions.

In the hospitality sector Bird said over-capacity created in the lead up to 2008 may be a factor affecting the profitability of restaurants.

He also points to the downturn in the mining and construction industries which has led to the deferral of many projects.

This in turn has a “substantial flow-on effect”, putting pressure on service industries which are heavily project related.

“All businesses dislike uncertainty and the current Federal Government has tended to exacerbate this with numerous policy changes adding to the general uncertainty surrounding the world economy,” Bird says.

“The one bright spot is that for potential business buyers able to fund a purchase the current environment may provide an ideal time to invest.”

Peter Strong, executive director of the Council of Small Business Australia, told SmartCompany the results show a lack of confidence.

“What I am hearing is there are a lot of businesses for sale and they are cheap as,” he says.

“The sad thing is that a lot of them will not be able to sell their businesses as people are not interested in buying at the moment.”

Strong says penalty rates are a key issue for business owners in hospitality and retail in particular.

“In the past we used to have assistance to businesses in change and maybe that is something the government needs to look at,” Strong said.

This story first appeared on the Smart Company web site