We recently had a successful manufacturing business transaction on National Day, which is worth celebration. We are not only happy for ourselves and the buyer who got a good business, but we are also thrilled for the seller who has worked hard as a business owner for 30 years and can finally sell the business as desired and retire successfully.
In Australia, many Chinese people have worked hard to run their businesses for a lifetime, for their families, careers, and have won respect and wealth. However, most of their businesses cannot be handed over to the next generation, so a good exit plan is particularly necessary.
There are various options, such as handing over the business to managers and employees, closing the business altogether, or selling the business. In most cases, selling the business maximizes the interests of the business owner. However, selling a business is not easy. To sell at a good price, it is important to prepare extensively. Sellers need to consult with their accountants, lawyers, and business intermediaries to discuss tax arrangements, legal structures, and how to increase the value of the business for better sales. These preparations can be made several years in advance. Sometimes, the tax saved is more than the price of the business that can be sold, and it is painful to save one’s own money.
Business intermediaries who deal with business owners planning to retire need to have a certain life experience, understand the thoughts of these business owners, and have resonance on common topics. Only by truly understanding the situation of these businesses and the thoughts of the business owners can we find suitable buyers more easily.
If you are considering retiring and are interested in selling your business, please contact me. I am willing to listen to your story, take the time to understand your business, and help you find a good buyer.