How to Make Sure Your Business is Ready for Sale

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Selling your business. This topic should make business owners curious about whether they are planning to sell or not. As a business owner, it can be considered a wise thing to do if you start preparing your business with the end in mind, especially because one of the key factors that determine if a business is thriving is if it is ready for sale. 

In this episode with Helen Kay, The Contracts Lawyer, she emphasises the importance of getting help from experienced professionals to help with the sale of one’s business and the tasks that business owners can do themselves to make sure the sale goes smoothly. She also talks about the stages of selling a business, the seller’s due diligence, etc. 

I highly recommend that you tune in to this episode as it provides vital information about preparing your business for sale. 

Resources:

What’s Discussed In This Episode:

  1. An overview of The Contracts Lawyer and recap of the previous episode [3:54]
  2. Getting into the business of ‘selling your business’ [5:27]
  3. The legal business health checklist [8:47]
  4. The importance of working with experienced professionals [10:42]
  5. Stages of selling your business [12:53]
  6. Seller’s Due Diligence [18:04]
    • Ensure the business name is registered to the seller [18:12]
    • Ensure the trademark is owned by the business owner [19:02]
    • PPSR and how it applies to trade businesses [20:51]
    • Ensure that key contracts are documented [21:47]
    • Lease issues [23:28]
  7. Summary of steps to make sure your business is ready for sale [28:34]

About Our Guest

Helen Kay is a business lawyer, in fact she is The Contracts Lawyer. She is a highly accomplished commercial and property lawyer with extensive legal experience working within top tier firms in Australia as well as running her own legal practice and heading up various commercial practices over the years. 

Helen has assisted many businesses across different industry sectors with their commercial legal agreements, including commercial leases, buying and selling businesses and providing general contractual advice.

Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to The Site Shed: You can also listen to The Site Shed on Apple Podcasts, Spotify, and Stitcher.

Thank you for tuning in! 

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