Top Tips for Selling
There are many real estate agents or principals I meet that have no plan in place for when they want to sell. It's not just about having family working in your business so you have a succession plan in place, it's more than than. You need a plan for when you want or plan to get out or sell.
Here are my top tips for selling:
Structure your business/company so others can succeed. Have a clear company vision and goal. This will attract employees and sit you a head and shoulders above your competitors.
Think about who will take over the business. This could involve selling to partners, staff, family members or externally.
Identify key personnel in the business and look to how you can retain staff through profit share then ultimately, partnerships and shares.
Maintain and strive for quality managements. You can do this by ensuring excellent communication, charging appropriately for service and adopting best practice.
Review and standardise all your employee agreements.
Create a culture of teamwork. This is a culture where all your employees have mutual respect for each other, your clients and that you are not creating a culture of entitlement.
Be engaged in your business. Have a mental attitude that is success-oriented. This will shine through to your staff and any future buyers.
Examine tax/capital gains tax (CGT) implications. Many small businesses may obtain a discount of 50% cut if they hold the business more than one year. There are also rollover exemptions for deferring a CGT event when the gain is moved to another asset/business.
For more information, click here for my 10 Things To Consider When Selling e-book.