Always use a Queensland based broker not a broker from interstate who will NOT escort inspections, leaving it up to you to sell the post office.
An interstate broker will NOT prepare the contract of sale, which means extra legal costs for you.
All an interstate broker will do is list your post office and at the end collect their commission. They will do none of the hard work in between, that will be up to you.
Why would you hire them?
How To Sell Your Post Office the Smart Way
You’ll be ready with:
- Previous 3 years Profit and Loss Statements and Balance Sheets (accountant prepared).
- Copy of previous 12 months BAS (Business Activity Statements)
- Copy of last 2 years June LIPOM
- Detailed list of plant and equipment and fixtures and fittings including where applicable vehicle details; year, rego#, model#, VIN#, mileage.
- Signed copy of lease on premises together with any deed of assignment, extensions and covenants for leasehold LPO
- Copy of current Rates Notice from local authority for freehold LPO.
- Signed copies of leases on equipment.
- Full details of all personnel, (length of service, qualifications, rate of pay, number of hours worked per week)
- Business Number – Office of Fair Trading, Qld.
- Australian Business Number (ABN) – ATO
- Australian Company Number (ACN)
- Selection of photos of the business and residence.
- FINALLY: you’ll have a genuine, realistic expectation of the probable sale price.
Don’t try to sell it yourself.
Do it at arms length using a reputable licensed broker, such as ourselves. This will save you an enormous amount of time, not least by us only putting up suitable, fully qualified buyers who are able to complete the transaction, but in us handling all the myriad and specialised details involved.
Produce the full financials from your accountant,
not from your own computer. No serious buyer will accept anything other than accountants figures, and we are only going to bring you serious, qualified buyers. If the time of selling is well past the end of financial year, you will need to supply YTD figures. Yes there is an extra cost, but if you don’t supply them the sale will stagnate. If you are reluctant to provide tax returns because they contain private financial details; first, we ensure the prospective buyer always signs a binding Confidentiality Agreement and, second; we will put both parties accountants’ together on the basis that information in the tax returns is confidential to the vendor and is for the purchaser’s accountant’s eyes only.
Provide a complete and up to date list of Plant and Equipment
unencumbered, leased and hire purchase). Described accurately, with dimensions and serial numbers where possible. If there is a vehicle included in the sale (mail run vehicle) you will have to supply the new licensee with a Queensland Government Safety Certificate as well.
Price the business correctly.
As always, the market rules, no matter whether you’re selling a house, a car or a business. The value is what a ready, willing and able buyer is prepared to pay. Where there is property involved in the sale (house and land) it pays to get a licenced valuer to supply a written valuation of the real estate as most of the land will be zoned commercial. We are able to value the business for you.
Smarten it up.
A well presented post office will sell faster if it looks tidy and prosperous. Paint it if necessary. Clean up the signage. Clean the windows and furnishings. Have the carpets cleaned.
Don’t give up.
Some post offices are harder to sell than others. However, when a qualified buyer does show up, the decision is generally fast and if the price is right, it can happen in a flash.
Always, always tell the truth.
We have seen sales that were absolute certainties fall over because the vendor tried to “gild the lily”. If a serious buyer finds out that one thing has been told to him incorrectly, they’ll assume there is more or worse also hidden and will back away.
Steps We Take To Sell Your Business
- We start with our first major consultation with you, at your premises where possible, to discuss and agree on your sales expectations, the suggested price and any other special details. Because we need to gain the most thorough understanding of all aspects of your post office in order to get the best possible price and to present the post office in the most effective way.
- We prepare the “Authority to Sell” and the master file.
- We compile and revue all of the Seller’s documentation. We ensure all documentation is complete and current and will meet the potential Buyer’s requirements and those of their advisors.
- We prepare all the preliminary informational documentation on the post office.
- We develop a specific marketing/advertising plan to promote the sale of the post office.
- We prepare and place the advertising.
- We review and analyse the initial enquiry and Buyer response. We ensure confidentiality – every potential buyer who has been qualified must sign a binding Confidentiality Agreement. We then fully brief the Seller on the qualified potential Buyers.
- We arrange fully accompanied, where possible, inspections, supply feedback to the Seller and then follow up qualified potential Buyers.
- We arrange 2nd and subsequent meetings between Seller and Buyer.
- We consult with all the outside advisors – accountants, solicitors etc. of both Buyer and Seller.
- We follow up with professional negotiation meetings between Buyer and Seller.
- We prepare the Contracts and ensure they meet Australia Post’s criterior.
- We co-ordinate the Due Diligence process between Buyer and Seller.
- We assist, wherever required, in the final settlement and subsequent transfer of the post office.