When selling a business, some factors to be mindful of include:

Some business sales are commercially sensitive and require an added protection of confidentiality during negotiations.

Make sure there is no question about what you are selling by compiling a list of the machinery and supplies you want to part with. Included in the selling price should be anything that is not being sold separately.

You should consult your accountant for guidance on this matter. It's important to consider the potential tax implications before deciding how to split the proceeds of a transaction.

If your business operates out of physical space (like a café), the new owner will require a transfer of lease. Think about your lease and any remaining options before you start marketing your business. It's one of the first things a buyer will want to see before making an offer.

Restraint of trade agreements are sometimes requested by new buyers as they seek to protect their investment from the seller of a business. The seller will be prohibited from starting a rival business within a certain distance and time frame. Think about how a clause like that may affect you.

In order to facilitate the transition for the new buyers, many sellers provide a handover period. The majority of the time, they will assist the buyer throughout the transfer. The time frame in which the seller agrees to provide support to the buyer must be specified.

If you have employees that are going to be transferred to the purchaser, you should consider any employment contracts and leave entitlements. Your accountant will be able to assist you with this process.