administrator
19-11-2008, 01:53 PM
This is an extract from www.indmowing.com.au website
SELLING YOUR BUSINESS
The following is a guide on what needs to be considered when selling your business. Even if you are not thinking of selling your business now, it is a good idea to go through the information provided to ensure that when the time comes you have the necessary paper work to enhance your business in the sale .MyMow software a great tool to help sell your customer base .
To Purchase MyMow or to see on line demo click here http://www.indmowing.com.au/catalog/product_info.php?products_id=382&osCsid=5075d6418d12ab7c3883f6279d775b53
Information Your should Provide
Vendor's (your) Details e.g. name, contact details, references (if any), Reason for selling business
Business Details: Business Name (if applicable in sale), Age of business, ABN, Service, Customer Lists
Documents: Permits, licenses and registrations, equipment leases, contracts & agreements with customers and suppliers
Equipment: Inventory of all equipment (if applicable)
Accounting Records: Profit & loss statement, debtors, creditors, balance sheet, depreciation schedule, Tax return, Books of account Sales records etc.
Statutory Requirements
Section 52 of the Act requires that any person seeking to sell a small business (a vendor) or an estate agent acting for a vendor, must provide to the prospective purchaser a statement in writing as prescribed by the regulations before accepting a deposit or a signature to a document which is intending to bind the purchaser to a Contract of Sale. This statement is referred to as the Vendor's Statement (a section 52 Statement).
The failure by a vendor to provide the specified statement constitutes an offence. It provides the purchaser with grounds for termination of the contract and a refund of any monies paid provided this right is exercised before taking possession of the business and before the expiration of three months from the date of entering into the Contract.
What does a Vendor Statement Include:
Generally, the information to be supplied is as follows:
the name and address of the business and of the vendor(s)
Statements by the vendor relating to the trading record of the business
Statement by a practicing accountant which sets out relevant financial details of the business including a profit & loss statement for the last three financial years or the period that the business has been carried on (if it's less then three years).
For more discussion on this topic check out
http://www.indmowing.com.au/forum/showthread.php?t=1575&highlight=contract+sale
SELLING YOUR BUSINESS
The following is a guide on what needs to be considered when selling your business. Even if you are not thinking of selling your business now, it is a good idea to go through the information provided to ensure that when the time comes you have the necessary paper work to enhance your business in the sale .MyMow software a great tool to help sell your customer base .
To Purchase MyMow or to see on line demo click here http://www.indmowing.com.au/catalog/product_info.php?products_id=382&osCsid=5075d6418d12ab7c3883f6279d775b53
Information Your should Provide
Vendor's (your) Details e.g. name, contact details, references (if any), Reason for selling business
Business Details: Business Name (if applicable in sale), Age of business, ABN, Service, Customer Lists
Documents: Permits, licenses and registrations, equipment leases, contracts & agreements with customers and suppliers
Equipment: Inventory of all equipment (if applicable)
Accounting Records: Profit & loss statement, debtors, creditors, balance sheet, depreciation schedule, Tax return, Books of account Sales records etc.
Statutory Requirements
Section 52 of the Act requires that any person seeking to sell a small business (a vendor) or an estate agent acting for a vendor, must provide to the prospective purchaser a statement in writing as prescribed by the regulations before accepting a deposit or a signature to a document which is intending to bind the purchaser to a Contract of Sale. This statement is referred to as the Vendor's Statement (a section 52 Statement).
The failure by a vendor to provide the specified statement constitutes an offence. It provides the purchaser with grounds for termination of the contract and a refund of any monies paid provided this right is exercised before taking possession of the business and before the expiration of three months from the date of entering into the Contract.
What does a Vendor Statement Include:
Generally, the information to be supplied is as follows:
the name and address of the business and of the vendor(s)
Statements by the vendor relating to the trading record of the business
Statement by a practicing accountant which sets out relevant financial details of the business including a profit & loss statement for the last three financial years or the period that the business has been carried on (if it's less then three years).
For more discussion on this topic check out
http://www.indmowing.com.au/forum/showthread.php?t=1575&highlight=contract+sale