10 Benefits of an Exit Plan – #8 Be Mentally Prepared For Your Sale
What do you plan to do once you have sold your business? This is a question that I like to ask early on in a conversation when talking to people about preparing their business for sale. It’s fair to say that information about preparing your business for sale is readily available but there is not […]
10 Benefits of an Exit Plan – #9 Be Fully Prepared For Financial Negotiations
Understandably, the financials of your business play a large part of your exit plan and of the overall sale process. From working out your add-backs, and adjusted profits to calculating your sale price and right through to due diligence it is essential to have well-prepared clean financials. As a foundational starting point for your exit […]
10 Benefits of Having An Exit Plan: #10 Keep Up The Momentum During the Sales Process
One of the biggest misconceptions about the sales process is that finding a buyer and dealing with all of the enquiries can waste a lot of time. While this is true if you do not know what you are doing, this part of the sale can be quite straightforward if you set things up properly. […]
How To Transfer Employees on a 482 Visa When You Sell your Business
If you are selling a business that employs workers on 482 visas, the transfer of these employees to the new owner is subject to a number of conditions and requirements. Here are some of the steps you need to follow to transfer the employees: Obtain consent from the employees: Before transferring your employees, […]
How to Apportion Goodwill, Fixtures and Fittings
The split between goodwill fixtures and fittings is something that will be agreed as part of your sale negotiation, knowing your tax position and what will suit you best is going give you the best chance of getting the terms that you want. If you have this figure worked out before you agree […]
How to Calculate Your Add Backs When Selling a Cafe
Video Transcript As we move into the preparation stage, a really important part of that is making sure that we get the price on the asking price of the business right. So, we want to make sure that you’re going to get the best possible return that you can from the sale. We also […]
What To Ask Your Solicitor Before Selling Your Cafe
As part of the planning phase, we’re going to talk in this video about what you need to discuss with your solicitor. Setting up an appointment with your solicitor early on is one of the most important things to do because you’re going to be reviewing the lease with them. If there is an issue […]
SOPs For Cafés and Restaurants – What are they and why bother with them?
SOPs aim to promote consistency and efficiency by ensuring that all employees are carrying out tasks in the same way. Having SOPs in place can also help to improve quality control and minimize mistakes.
How to Assign Your Lease When Selling Your Cafe
Retail leases in Australia can be assigned with the landlord’s approval. This process is known as a lease assignment. A lease assignment is when the tenant transfers their rights under the lease to another party. This can be done for a variety of reasons, such as if the tenant wants to sublease the […]
How to Sell a Café – The Three Stages of the Sale
The Sale Process – Stage one – Planning Selling a café or any hospitality business is not like selling a business in (most) other industries. I am sure that I don’t need to spell out the main difference, the subject of the “C” word is probably a whole post on its own. Whilst the […]