Step 2: Business sale negotiations
Having decided upon the sale price of the business you can begin to sell either through your real estate agent or a business broker.
In New Zealand the following links www.bizbroker.co.nz (Business Broker Directory) and www.nzbizbuysell.co.nz (an online advertising site dedicated to buying and selling of NZ businesses) will assist you to select an agent to assist with the sale of your business.
Obtain a quote for the costs for your business sale from a specialist.
Instruct a specialist to act for you before signing any sale agreement.
Give consideration to establishing a trust as part of an asset protection plan, as the vehicle to use for the investment of the funds received from the sale, to protect your hard earned assets.
You must have a succession plan for your business. When you retire how can you maximise the sale price?
If you become incapacitated or die will your business survive? Will your partner or children be able to continue running it? On the death of you and your partner (if any) is leaving it to all of your children fair? Are they all capable of running the business or will they blow it up through fighting? Fairness and equality are not the same. It may be better to leave the business to the child or children capable of running it, and leave assets of similar value to the others.
By planning for these possibilities you do your best to ensure the continued success of your business and to maximise its potential sale value.
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