Planning on selling your business or handing on to a family member? PJT in conjunction with CBA, Savvy Business Sales and Garland Waddington Solicitors last night hosted a tailored seminar for business owners looking to sell or exit their business.
The seminar which ran for 90 minutes provided key information from the finance, accounting/advisory, legal and broking points of view to help business owners be prepared for their next steps.
30 business owners from right across the Sunshine Coast were in attendance from the transport, retail, medical, and business services sectors.
Advice was provided which included:
- Preparing your business for sale
- Setting your sale price / valuing your business
- Best time to sell
- Avoiding legal and other pitfalls which can delay the settlement process
- Selling to family / succession planning pathways
- How to manage a smooth transition to new ownership
- Planning your next steps
PJT presenter, Advisor Ravi Sharma focussed on the reasons people sell, and why all business owners need to have a succession strategy in place – whether they’re looking to sell now or not.
Says Ravi “too many business owners easily become ‘desperate sellers’ because they don’t have succession planning processes in place and something unforeseen happens like a partnership breakdown or illness. This is when we see the business lose considerable value because the owner is not capable of running the business and there’s no planning for these instances. In desperation they put the business on the market, and it’s not “sale ready” which gives buyers room to negotiate the price down. Every business owner should set up their business so it can operate without them, succession planning is no different. You can’t plan too much, or start too soon.”
PJT offers guidance to business owners on preparing their business to be “sale ready” as well as family succession planning through our accredited family business advisors.
Business owners who are keen to move down this path within the next 2-3 years are encouraged to make a complimentary appointment to discuss their plans. This will allow enough time for business owners to prepare their business, and ensure their accounts are in a good position to sell.
Contact Ravi Sharma for a complimentary discussion on 07 5413 9300.