Selling your business

Some common questions about selling a business:

It’s complicated. Not only do you need to consider the value of physical assets, such as the premises, stock and equipment, but also the value of goodwill. This includes issues such as clients and customer loyalty, the reputation of the business and how well known the brand is. A vast deal of paperwork is involved in proving a business’ worth, including financial statements, legal documents (eg. leases and insurance), the business plan and sales information. The experience of remaining staff members may be considered and comparisons to competitors made.

It depends. When you sell your business, the remaining employees will either transfer with the business or their employment with the business will end. Either way, their employment contract with you (ie. the former employer) will end so you will need to give them notice. You may include some employee entitlements as part of the sale contract.

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