List Your Business - For Sale By Owner
For Sale By Owner listings are ideal for those who are not represented by an agent, and whose business has a listing value of $150,000 or less. If your value is more than $150,000 and you are not working with a realtor, please contact Venture Connect to list under the managed listings category. It is currently free to list on on www.ventureconnect.ca so if your business is sale ready, why not get the extra exposure?
As the business owner, you will be able to complete the listings requirements easily. HOWEVER once your listing gets exposure and you receive interest from potential buyers YOU WILL NEED to be able to provide potential buyers information on the items such as those listed below. The likelihood of a successful sale will be drastically reduced if you cannot adequately answer buyer’s questions.
Need help? Contact Venture Connect at 1-855-421-0082.
• have a legal corporate name that is different from your company name?
• operate as a proprietorship, partnership or incorporated business?
• know the date you established your business or how long it has been operating if you bought it?
• hire employees you will need to note who is actively involved in daily operations, have job outlines, wage structures, benefit package details, an organization chart and severance details
• lease premises, what arrangements will the leaseholder make with a new renter?
• own your premises, is it part of the sale?
• lease equipment can the lease transfer to a new owner?
• are selling equipment how well is it maintained, are warranty papers available, and have you created an inventory of the equipment?
Ideally you will have:
• 3 years of financials records reviewed by or completed by a bookkeeper or accountant
• a list of suppliers compiled and ready for handover to a new owner
You will need to:
• ensure all federal and provincial taxes are kept current
• have a good handle on your inventory and its value and be prepared to do a final inventory at time of sale
• be able to separate consigned goods from purchased inventory
• support your asking price and be clear on what is being sold - assets, shares, property, equipment, goodwill?
• stay with the new owner after the sale to provide training and support? If so, how do you expect to be compensated?
• consider vendor financing that sees you helping the new owner with financing the purchase of your business.