Posted on: 9 September 2016
If you decide to sell your burger shop, you'll need to go through the legal route to ensure that the transaction is above board. The last thing you want is to get pulled up by the Australian Taxation Office (ATO) for suspicious deals when you're ready to enjoy your hard-earned money after years of service. Professional lawyers generally ensure that your business settlements go smoothly. You'll also want to follow these clever strategies beforehand to build up to a seamless business sale.
Understand The Monetary Appeal Of Your Burger Business
How would you know the monetary appeal of your burger business without getting it professionally appraised? You will need to get all your tangible assets, intangible assets and potential future profits appraised before arriving at an appropriate sales price. For a burger business, your tangible assets may include weekly rent, flat grills, fryers, refrigerators, freezers, tables, chairs, cash registers and drink dispensers.
Your intangible assets may include loyalty programs, reputation, client lists, trademarks and employee records. You will also need to acquire records like tax statements, past profits, debts, Australian Business Number (ABN) registration, permits, business loans and licenses. The monetary appeal of your burger business will be calculated by taking into account all these factors, including your debts. Your transaction lawyer can help connect you to a professional business appraiser to help you arrive at valuation for your burger business.
Establish A Price Range You Are Comfortable Selling At
Once you have got your burger business value appraised, you can work with your lawyer to plan your selling price before the business settlements process takes place. The price for your burger joint will also depend on how the new owner can sustain the same level of profits. Keep in mind that even though you set a selling price, you should have a range you're comfortable selling at because every potential buyer may not offer you the same price you're asking for.
Build The Attractiveness Of Your Burger Business
A good way to make your burger business more attractive to potential buyers is to highlight the upward trends of the region. For instance, if you have been making rising profits for the last few years because of a new office building block in the vicinity during lunch hours, then you will want to showcase this to potential buyers. If new twists to your burgers have lured more hungry customers than ever before, make sure your buyers know this. If your burger loyalty program brings a significant number of repeat customers, you'll want to highlight this. Being able to build the attractiveness of your burger business will help you fetch a better price when it comes to the actual sale.
Professional business lawyers will help you through the process of business settlements during the actual sale of your burger joint. Follow these clever strategies beforehand to build up to a seamless burger sale.Share