{"id":220718,"date":"2023-02-10T16:12:31","date_gmt":"2023-02-10T03:12:31","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=220718"},"modified":"2023-02-23T19:38:14","modified_gmt":"2023-02-23T06:38:14","slug":"5-mistakes-avoid-business","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/5-mistakes-avoid-business\/","title":{"rendered":"5 Mistakes to Avoid When Selling Your NZ Business"},"content":{"rendered":"\n<p><a href=\"https:\/\/legalvision.co.nz\/business-structures\/obligations-when-selling-business\/\">Selling your business<\/a> is a huge step. While this process can be complicated, with some preparation, you can mitigate most of these issues and ensure the process runs as smoothly as possible for both you and your purchaser. For a successful business sale, you need to prepare, find the right buyer and sensibly navigate through the complicated process. This article will outline five mistakes to avoid when selling your business.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Under Preparation<\/h2>\n\n\n\n<p>Before starting the selling process, you must prepare the business to ensure it is attractive to investors and potential buyers. You may struggle to convince buyers to buy your business without proper preparation. As such, you should organise your books, records, and financial statements. <\/p>\n\n\n\n<p>To make an informed decision, buyers will want to see your:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>contracts;<\/li>\n\n\n\n<li>projections; and&nbsp;<\/li>\n\n\n\n<li>financial and governance records.<\/li>\n<\/ul>\n\n\n\n<p>Ensuring you have these ready and available for buyers to see will make their due diligence process easier.&nbsp;<\/p>\n\n\n\n<p>Furthermore, you must resolve any pending litigation issues to prepare your business for sale sufficiently. Although you may not be able to resolve everything, you should attempt to resolve it as much as possible, so the new owner does not have to worry about it. In addition, fewer litigation issues will increase the number of interested buyers.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--idea\">\n    <p>Moreover, you must demonstrate that your employees are organised and well-equipped to run the business after you are gone. The new owner may take time to adjust, so your employees need to have the capability to step up and keep the company afloat. As a result, you need to have key employees in the right jobs before you sell your business.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">2. Creating Misrepresentations About Your Business<\/h2>\n\n\n\n<p>As a business owner and seller, you must present your business well. However, you must avoid misrepresenting your business simply to sell it quicker or for a higher value. Suppose you exaggerate or fail to disclose important information to the buyer before purchasing. In that case, you can be financially liable to your buyer once they find out about the omitted or incorrect information provided to them.&nbsp;<\/p>\n\n\n\n<p>You should discuss any issues with your business with the potential buyer. Telling them yourself is better than them finding out during their due diligence process or following the purchase.&nbsp;<\/p>\n\n\n\n<p>The sale and purchase agreement will contain formal promises and representations about the business. This agreement is legally binding once signed. Your purchaser will likely require you to give the following representations (at a minimum):<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>legal capacity and authority of the company to sell;<\/li>\n\n\n\n<li>status of ongoing or likely litigation (if any);<\/li>\n\n\n\n<li>up-to-date filing and payment of tax;<\/li>\n\n\n\n<li>accuracy of financial records; and<\/li>\n\n\n\n<li>confirmation of no pending employee grievances or anticipated resignations of key employees.<\/li>\n<\/ul>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                  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aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_2452_3\" class=\"gfield gfield--type-phone gfield--input-type-phone gf_right_half gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_3'>Phone<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_phone'><input name='input_3' id='input_2452_3' type='tel' value='' class='medium'   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_2452_14\" class=\"gfield gfield--type-select gfield--input-type-select gfield--width-full custom-select gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label 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Not Considering Confidentiality<\/h2>\n\n\n\n<p>It is best to avoid disclosing that you are selling your business to the general public and your customers. Doing so may affect your sales and turn away loyal customers. In addition, rumours may start to spread about your business. You can mitigate such risk by maintaining confidentiality prior to settling the business purchase.<\/p>\n\n\n\n<p>When marketing your business, do so with discretion. Once you find prospective buyers, you should get them to sign a <a href=\"https:\/\/legalvision.co.nz\/commercial-contracts\/reasons-to-have-a-non-disclosure-agreement\/\">non-disclosure agreement<\/a> (NDA). An NDA is legally binding and ensures that potential buyers will not disclose information about your business to anyone else. <\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>Your NDA should include the following:<!-- \/wp:paragraph --> <!-- wp:list --><\/p>\n<ul><!-- wp:list-item --><\/p>\n<li>names of parties;<\/li>\n<li>what the confidential information is;<\/li>\n<li>any exclusions from confidentiality; and<\/li>\n<li>how long the NDA will last.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">4. Pricing Problems<\/h2>\n\n\n\n<p>When selling your business, it is understandable that you want a great return on your investment. While this is a matter for commercial negotiation between you and your buyer, you may consider seeking a formal independent valuation that can help support the price you wish to obtain.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. Failing to Pre-Qualify Buyers<\/h2>\n\n\n\n<p>Buyers will perform <a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/due-diligence-business-sale\/\">due diligence<\/a> on your company. However, due diligence is not a one-way street. Do some reconnaissance on the buyer to ensure they are a good fit for your business and that they can keep your company running. Some buyers may not be looking to buy but instead to gather information about your business. Accordingly, you need to identify such buyers and focus on the interested ones instead.\u00a0<\/p>\n\n\n\n<div  class=\"box box--icon box--star\">\n    <p>Without screening buyers, you may sell your business to the wrong person, which can be a great loss.<\/p>\n<\/div>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/28131832\/how-to-sell-your-business-guide-_-560x792-1-e1635392481928.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">How to Sell Your Business in New Zealand<\/div>\n            <div class=\"body-text\">\n                <p>Looking to sell your business? This free guide will help you to understand the moving parts that impact a successful sale. <\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/guide-to-selling-your-nz-business.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>When selling your business, there are common mistakes to avoid for a successful business sale. You need to sufficiently prepare your business for sale and ensure you are representing your business correctly. Consider arranging a company valuation before setting a price. Additionally, ensure potential buyers sign an NDA. Finally, ensure you identify whether the potential buyer is the right choice for your business.&nbsp;<\/p>\n\n\n\n<p>If you need help selling your business, you can contact our experienced <a href=\"https:\/\/legalvision.co.nz\/business-lawyers-lp-new-zealand\">business lawyers<\/a> to assist as part of our LegalVision membership. You will have unlimited access to lawyers who can answer your questions and draft and review your documents for a low monthly fee. Call us today at&nbsp; <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1675998365621\"><strong class=\"schema-faq-question\"><strong>What is a non-disclosure agreement?<\/strong><\/strong> <p class=\"schema-faq-answer\">An NDA is a legally binding document that ensures that sensitive information does not leak to third parties. To protect your business, you should get buyers to sign this before disclosing vital information about your company.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1675998374533\"><strong class=\"schema-faq-question\"><strong>How can I set the right price for my business?<\/strong><\/strong> <p class=\"schema-faq-answer\">You should get your company valued to set a good price for your business. A valuation will indicate the range in which your company can sell your company.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"ed19fd34f0\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/220718\" \/>            <input value=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/5-mistakes-avoid-business\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"5 Mistakes to Avoid When Selling Your NZ Business\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Selling your business is a huge step. While this process can be complicated, with some preparation, you can mitigate most of these issues and ensure the process runs as smoothly as possible for both you and your purchaser. For a successful business sale, you need to prepare, find the right buyer and sensibly navigate through<a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/5-mistakes-avoid-business\/\">Continue reading <span class=\"sr-only\">&#8220;5 Mistakes to Avoid When Selling Your NZ Business&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":215613,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"204662,212270,209108,218580,208571,206950","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[13],"tags":[23,25,33,57,1351],"class_list":["post-220718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-sale-and-purchase","tag-start-a-business","tag-small-business","tag-company-sale","tag-business-sale","tag-business-sale-and-purchase"],"acf":[],"yoast_head":"<!-- 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A valuation will indicate the range in which your company can sell your company.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/220718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/users\/13316"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/comments?post=220718"}],"version-history":[{"count":3,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/220718\/revisions"}],"predecessor-version":[{"id":221094,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/220718\/revisions\/221094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media\/215613"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media?parent=220718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/categories?post=220718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/tags?post=220718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}