There are few bigger business choices than deciding to sell, especially in the case of high value businesses. Whether you are ready to sell or just considering it, it’s crucial to know what steps to take to ensure a successful sale.
Develop an exit strategy
An exit strategy is a plan that guides a business towards long-term goals and allows for a smooth transition to new ownership. Having a sound exit strategy is important as it can make the difference between having a successful sale… or not.
First things first! Discuss your plans with trusted professionals as this will help clarify your reasons for selling and establish reasonable expectations. It will also help identify any potential issues before they arise down the road.
An exit strategy may include streamlining operations, updating financial records and resolving any outstanding legal or compliance issues.
A well prepared business is more likely to attract serious buyers.
Determine true value
An early step in preparing a business for sale is defining its true value. A business appraisal analyses every aspect of a business, from the market value of assets to its future earnings prospects. An unbiased, expert opinion about what your company is worth will provide a realistic indication of how much your business is worth in the current market, based on competing businesses in your industry and region. It will also help determine whether or not now is the right time to sell.
In addition, a business appraisal is likely to deliver insight into what actions will increase the business’ value before putting it on the market. Depending on the intended timing of your exit, there may be considerable value in creating a detailed exit business plan that identifies the key actions required.
Utilise a business brokerage
Engaging the services of a business brokerage is paramount – industry experts will guide you through the entire process with ease while prioritising your best interests.
LINK’s success as a market leading business brokerage has been based on a tailored approach and an unwavering focus on exceptional service without compromising on confidentiality or integrity.
One of the most awarded business brokerages in New Zealand, LINK consistently wins multiple categories at the annual REINZ (Real Estate Institute of New Zealand) Awards. LINK Bay of Plenty has won (in its category) at the awards for the last six years and regularly wins ‘Office of the Year’, measured against LINK’s seven other New Zealand offices.
LINK Bay of Plenty dominates the business sales market in Tauranga, especially amongst high value businesses. Owners of Tauranga businesses valued at $1 million or more who are looking to sell overwhelmingly choose LINK to be their business broker – the branch was behind 64 per cent of Trade Me’s ‘Businesses for Sale’ listings in August 2024 alone.
Choosing a broker
When choosing which broker to assist you in selling a high value business, there are several factors to consider: experience, achievement, local knowledge, sector expertise, history of brokering sales of high value businesses, professionalism, personal compatibility… and whatever else is important to you!
A long-time Tauranga local, I specialise in the sale of high value businesses in the Bay of Plenty, leveraging a deep regional knowledge and significant success as a business broker.
My extensive career began at BP Oil before I purchased a Tauranga manufacturing company in 2001. In 2018, after building up the business, I successfully sold it through LINK for almost $1.5 million.
My first-hand experience as a buyer and seller, combined with professional expertise, gives me a unique understanding of the key factors that contribute to the successful sale of high value businesses. I have also received company-wide recognition on numerous occasions and I’m regarded as one of LINK’s top brokers nationally.
Ultimately, as selling a high value business requires careful planning and professional guidance, don’t do it alone! Along with experienced brokers, including myself, LINK has the expertise needed to help you achieve your sales’ goals.
For more information visit the LINK Business Brokers website, www.linkbusiness.co.nz.
