Selling your business is a major milestone — one that can be exciting, emotional, and financially rewarding. But a successful sale doesn’t happen by accident. It requires careful planning, strategic thinking, and a solid understanding of what buyers are looking for.
Whether you’re planning to sell in six months or two years, here’s a comprehensive guide to help you get your business sale-ready.
1. Get Your Financials in Shape
Buyers want transparency and confidence. That starts with clean, accurate financial records.
- Prepare at least 3 years of financial statements
- Reconcile debts and liabilities
- Normalise earnings (remove one-off or personal expenses)
- Create forward-looking budgets and forecasts
A strong financial foundation boosts credibility and valuation.
2. Legal & Compliance Check
Legal risks can kill deals. Make sure your house is in order:
· Update corporate records and ASIC filings
· Review contracts (leases, suppliers, customers, employment)
· Resolve disputes or litigation
· Confirm tax and regulatory compliance
Buyers will scrutinise every detail — don’t give them a reason to walk away.
3. Streamline Operations
A business that runs smoothly without the owner is more attractive.
- Document key processes and SOPs
- Reduce reliance on you or key staff
- Ensure licenses and insurance are valid and transferable
Operational clarity makes transition easier and reduces buyer risk.
4. Protect Your Intellectual Property
Your brand, technology, and creative assets matter.
- Register trademarks, patents, and domain names
- Inventory physical and digital assets
- Ensure clear ownership and maintenance records
Intellectual Property is often a key driver of value — don’t leave it vulnerable.
5. Review Your Team
People are the heartbeat of your business.
- Review employment contracts and award compliance
- Identify key staff and retention strategies
- Resolve any HR issues
Buyers want to know your team is stable and well-managed.
6. Position Your Business for Sale
Think like a buyer. What makes your business stand out?
- Clarify your unique value proposition
- Address customer or supplier concentration risks
- Prepare a compelling Information Memorandum (IM)
A well-positioned business attracts better offers.
7. Plan Your Exit Strategy
Selling isn’t just about price — it’s about structure and timing.
- Get a professional advice and valuation
- Seek tax advice (CGT, small business concessions)
- Define your ideal buyer and deal structure (asset vs share sale)
The right strategy can save you thousands and reduce stress.
Final Thoughts
Preparing your business for sale isn’t just about ticking boxes — it’s about telling a story that buyers want to invest in. The more prepared you are, the smoother the process and the better the outcome.
Need help getting started? Reach out to our team at Rankin Business Lawyers for tailored advice and support.
Stacey Brennan
Lawyer
