Sell your business

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WHAT LATESSA BUSINESS SALES CAN DO FOR YOU

We are a specialist estate agency in that we only sell businesses and we members of the Real Estate Institute of Victoria (REIV). Our principal, Tony Latessa, has been integrally involved with the Business Broking division of the REIV for many years. In a nutshell, we list, market, negotiate and then sell your business for you.

We utilise the web, print advertising, trade publication where appropriate and maintain a database of potential buyers. We also market specifically and personally to business migrants via ongoing overseas seminars in association with a migration specialist.

What we need from YOU our Vendor

Making the decision to sell your business is a big one. When we list your business for sale it is on the basis that a genuine sale is required for whatever reason and as such we expect certain things from you, our Vendor to assist us. The supply of information/documents is the number one priority as without these items we cannot assist to sell your business. In the first instance our representative will visit you, preferably at the business premises, to see the business first hand and then to complete the listing form and Authority for us to sell your business.

We need certain information from you which is then supported by documents which include, but is not limited to, a Section 52, Profit and Loss statements & balance sheet, a list of plant & equipment which is to be sold with the business, copies of premises lease/transfer documents and disclosure statement and any licences/permits that are legally required to trade. We then get into industry specific information and documentation which we would discuss with you.

Without those items listed above we CANNOT be expected to field any genuine enquirers.

Section 52

This document is prepared and signed off by your Accountant. It is a legal document and without it we cannot enter into a Contract of Sale of Business. It is almost always the first thing that we are asked for by a potential buyer. This document is supported by Profit and Loss Statements, BAS Statements and Balance Sheets.

List of Plant & Equipment

You need to supply us with a list of everything that you own in the business premises of which ownership will transfer to the buyer upon settlement. This list must be clear and concise. A separate list is also needed of items that are at the business premises but which are not actually owned by you so that there are no grey areas in terms of ownership.

Lease/Transfer of Lease/Disclosure Statement

The above obviously provide details of your tenancy and we need copies to supply to the potential buyer so that they can see what type of tenancy terms and conditions they can expect if they purchase your business.

Licences & Permits

Many business industries require permits and/or licences to be able to trade and these for the most part can be a transferable item at time of settlement provided that the business and sometimes buyer complies with governing legislation. We need copies of any that apply to your business and its everyday trading.

We then get down to industry specifics and these additional requirements are addressed as the requests are made from potential purchasers.

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