The small business specialists
Phone: 13 12 49
Selling your business will change your life so it's important to consider the options and implications before you decide to sell. Whatever your reasons for selling, ensure you're making the right decision by asking yourself the following:
You should also seek professional advice. Talk with a business or financial advisor, accountant, and lawyer to make sure you achieve the best possible outcome from your decision.
You also need to consider your employees. How will they be affected by the sale of your business? If you decide to sell you should inform employees and address their concerns.
It's important to note that whoever buys your business is not obliged to employ your former employees. When the business is sold you may have obligations to pay entitlements which could include severance pay and leave entitlements.
For more information about your responsibilities to employees when you sell your business visit the:
There are many tax issues to consider when selling your business which include:
If you operate your business from leased commercial premises, your obligations under the lease do not automatically transfer to the new owner upon sale of the business. You will still be legally liable for the rent and all other obligations under the lease unless you arrange to have the lease assigned (transferred from one tenant to another) to the new owner of your business who will then become the new tenant.
Refer to your lease to ensure you are permitted to assign the lease and understand the process required for the assignment. Generally, leases will require the tenant to request the assignment of the lease in writing.
Tenants with retail leases covered by the Act have the right to assign the lease subject to the right of the landlord to withhold consent on reasonable grounds.
For more information: