Selling Up - But Who Will Buy?

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Running Time: 8:27

Date: 01/11/2012

Thinking of hanging up your boots? Think strategically and think ahead!

If you're thinking of selling up, don't anticipate overnight success. That's the warning from business broker David Meggs, who says the market has been flat for quite a while and it could be a long haul before you get the price you want. It's a buyer's market. But meanwhile, there's plenty to do to get ready, he says. Think well ahead, and make sure you have a business that will operate comfortably without you. Look at the industry you're in, your competitors, your branding. And a word of warning, one mistake would be to build capital into the business...you may not get it back in the sale price. If you're passing on a family business, makes sure your valuation will stand up to scrutiny - there may be tax implications and you could get audited by the ATO. And you need to be sure that someone is willing to take it on! There's much to consider, David says, and for many, the sale of the business will provide their retirement nest egg so it's critical to approach the process strategically.