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Selling a manufacturer

Interview with...

Julie Thomas
Age:
 Late 50s
Business name:
Casino Consoles
Goods/services:
Manufacturing cabinets for gaming machines
Location:
Queensland, New South Wales
Owned business for:
15 years
Reasons for selling:
Semi-retirement
Asking price and agreed price:
 Undisclosed

Julie on the sector the business operates in...

"We're very much in a niche market. The business produces joinery for the hospitality industry.
"Primarily we manufacture the cabinets that gaming machines sit on in pubs, clubs, hotels and casinos. In Australia there's a big gaming industry."

On why they want to sell a business...

"We're both in our late 50s, so we want to semi-retire to have more free time and ideally travel. We don't want to leave it until we get too old."

On advertising the business for sale...

"I started advertising in a newspaper, the Courier Mail, which was costing $300. But I spoke to someone I know who's a business coach, and he said that our business may appeal to an overseas purchaser, because once you reach a certain age you cannot emigrate to Australia unless you have a business.

"I sat down and looked at all the business-for-sale web pages. I thought BusinessesForSale.com had some good quality listings, that the setup allowed you to include a fair bit of information about the business, so I liked the format.

Be confident about your business, focus on its positives

"I also liked the fact that you can do a free trial, which I did and then paid to go on the front page. We got our first response within three weeks and we've had about four responses to the ad altogether. We've had two prospective buyers look at the business."

Advice for business sellers...

"Be confident about your business, focus on its positives. And be prepared to share as much information as you can about the business, so people looking to make a purchase can make an informed decision.

"I've made a 27-page information pack with copies of newspaper articles about the gaming industry in Queensland, for example about casinos doing refurbishments in the next 12 months. It also has a copy of last year's tax return, sales information, profit-and-loss statements, a list of plant and equipment, an overview of how the business started and how we reached the stage we're at now.

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