Businesses go through tough times where you might see no need to continue operating at a loss. Perhaps selling your premises might be the best solution for you. Who knows, you might start afresh in future. The idea of selling is actually great until you have to initiate the transaction. It could be a long and devastating process. And you might end up losing out lots of money if you are not selling with the reputable professionals in Australia.
Selling anywhere in Perth or Western Australia? Stella Settlements as the leading conveyance might come to your help. The company specializes with a broad range of real estate transactions. It’s better to take your real estate transactions to professionals for an expedited process and to also make sure you comply with tax regulations in Australia.
Where to start in selling your premise?
The first step in selling your premise is to ascertain your decision by considering the following factors as recommended by the Department of Industry, Innovation and Science in Australia. Before other factors, ascertain if selling is the only solution to take. There are many prompt reasons that persuade owners to sell their premises and some may be solved if you engage with the right professionals. But, if you are really sure, then go ahead and seek help.
Use professionals or sell on your own
Business brokers and real estate agents are ubiquitous in Australia. Handpick the most reputable one to justly carry out your real estate transactions from marketing your premise. Having the right professionals will make the selling process an absolute breeze. The will help you understand taxation, legal and government requirements. To sell in Perth or Western Australia, we have already suggested the Stella Settlements as your partner in selling premises.
Before choosing any professional company, confirm their credentials. For business brokers, there is the Australian Institute of Business Brokers that can help you confirm the credentials in your specific region.
The next effort will be to advertise your premise on your own or using the professionals. To do that on your own, there are digital platforms and outbound marketing strategies such as the newspapers and televisions where you can list your premise. Doing it on your own will actually save you some affiliate marketing costs.
Evaluate (Value) your business
The next important factor is to value your business and see how much it is worth. Do not be conned by some professionals who may persuade you to sell the premise fast based on random price tags without knowing the real value. Valuing your business can also take time. But with the right professionals such as the Stella Settlements it can be expedited. It will include valuing your current assets and the future profits.
Time to negotiate the sale
Once you know the value of your business, it will be easy to negotiate the sale. You must have as much information as possible about the business. Beware of furnishing misleading information to the prospective buyers. The prospective and potential buyer might need to agree with you with the following:
- Employee transfer if the buyer is going to run the same business scope
- The sale value as well as the 10% deposit
- The period of settlement
If you all agree, it’s time to prepare a contract with the legal team. But all these long processes can be avoided if you let the professionals do the work for you. All you have to do is to sit back and relax while your premise is being transacted with the right buyers.
Perhaps and arguably the most challenging part is the arrangement of your employees. You have to communicate with them and tell them about the impending transaction of the premise. Your loyal customers might also be affected. There should be a proper handover to the new owner to ensure that there are no major inconveniences. Otherwise, you might reach an agreement with the employees to end their employment amid the process of selling the premise.
Selling your premise is, after all, not necessarily meaning that it’s the end of you. Sometimes it is justified in order to go off-the-hook of current constraints. You might need the cash to invest in new investment maneuvers that bear more fruit than the outgoing ones.
Note: this is a partnered post and consideration was received for its publication. CC-licensed image by Mark Moz.