How to Prepare to Sell Your Business in NSW (So You Don’t Leave Money on the Table)
- Jackie Atchison
- Apr 20
- 3 min read
Intro
Thinking about selling your business? The right preparation can make a big difference—not just to your final sale price, but to how smooth (or painful) the process is.
This post outlines what you should get in order before putting your business on the market, so you’re ready for offers, due diligence, and negotiation when the time comes.
Why It Matters
Many business owners wait until they’ve found a buyer before they start gathering documents, checking contracts, or reviewing their financials. By then, it’s often too late to fix issues—and red flags can scare off buyers or give them leverage to negotiate a lower price.
A bit of upfront legal and commercial prep can streamline the sale and protect your position throughout.
What You Need to Know
Get Your Financials in Order
Clean, clear, and up-to-date financial records give buyers confidence. Make sure your:
Profit and loss statements and balance sheets are current
BAS and tax obligations are up to date
Revenue streams are clearly separated and documented
Personal expenses aren’t mixed in with business accounts
Consider getting an accountant to prepare a clean set of reports covering the last 2–3 financial years.
Review Your Contracts and Agreements
Buyers will want to see what relationships the business relies on—and whether they can continue. Key documents include:
Customer and supplier agreements
Staff contracts and contractor arrangements
Lease agreements and licenses
Intellectual property ownership
🗾 Worth Knowing: If you’re using informal or handshake agreements, it may be time to formalise them. This can make the business more attractive and reduce risk for the buyer.
List Your Assets, Stock and Staff
Make a clear, itemised list of your:
Plant and equipment (including makes, models, and serial numbers)
Furniture, computers, tools, and other physical assets
Intangible assets like domain names, trademarks, and software
Do a full stocktake—including inventory, work-in-progress, and any slow-moving or obsolete stock. This helps avoid disputes later and gives the buyer confidence that they’re getting full value.
Also list your employees with their:
Start dates
Roles and responsibilities
Pay rates and any applicable entitlements
Consider reviewing or preparing Standard Operating Procedures (SOPs) to make the transition easier and demonstrate that the business can continue running smoothly without you.
Clean Up Any Loose Ends
Pending disputes, unpaid entitlements, outdated leases, missing licences—all of these can stall or sink a deal. Get legal advice to review your key obligations and clean up issues early.
Buyers want simplicity, not complexity. The more questions they have to ask, the more wary (or opportunistic) they’ll be.
Think About the Handover
Are you planning to stay on temporarily? Who will train the buyer or introduce them to clients? Do you want to offer an earn-out or performance-based component?
Answering these questions now gives you more control over the process—and avoids being cornered during negotiations.
Commercial Insight
You’ll get better offers—and less resistance—if your business is easy to understand, legally sound, and clearly documented. That doesn’t mean it needs to be perfect. But it does mean you should be prepared.
The goal is to make your business as “due diligence ready” as possible. That inspires confidence and creates momentum—two things that help get deals done.
What to Do Next to Prepare to Sell Your Business
Talk to your accountant about your financial reports and tax position
Gather all key contracts and check that they’re current and signed
Prepare a detailed asset and stock list, and staff summary
Identify areas where a buyer might hesitate (and fix them if you can)
Review or document key processes to make the handover smoother
Speak to a lawyer about your sale strategy, risks, and documentation
Even if you’re not selling right away, preparing now puts you in a stronger position when the right buyer comes along.
Closing Wrap
Selling a business is part legal, part commercial, and all about being prepared. I help owners get their business sale-ready—clean contracts, clear structures, and smart documentation—so when the offer lands, they’re ready to act. If you’re thinking about selling, even in the next 12 months, I can help you prepare to do it properly.
