Checklist For Selling Your Business In Australia (2025 Updated)

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Many business owners build their ventures with the long‐term goal of creating value – and one day selling the business off to pursue new opportunities.

After years of hard work, you may eventually reach a stage where selling your business in 2025 seems like the right decision to capitalise on its value and move on to your next adventure.

It’s a big decision and can be challenging on many levels – not least of which is navigating the actual selling process in today’s ever‐evolving regulatory environment.

That’s why we’ve created this updated checklist to guide you through how to sell your business in Australia in 2025.

1. To Sell Or Not To Sell?

Before you get into the logistics of selling your business, take a step back and ask yourself: Do I really want to sell my business? And is now the right time given current market conditions in 2025?

There are many reasons you might choose to sell – from wanting to pursue a new venture to feeling that the business’s peak value has been reached. Alternatively, external factors such as changes in industry regulations or market dynamics might force your hand.

If you’re uncertain, it can help to seek advice from professionals. Consider reviewing your business structure and long‐term plans on our Business Set Up pages, or consult with experts who specialize in business sales – such as our contract review service for sale agreements.

If after careful thought you’re convinced that selling is the right decision in this 2025 climate, read on for more key considerations.

2. Valuing The Business

It’s crucial to accurately assess the value of your business to ensure you receive the best possible deal.

Start by gathering all relevant business information – from financial records and legal documentation to operational procedures, and details about staff, suppliers, and customers. This comprehensive snapshot is essential for an accurate valuation.

Next, consider the different methods for valuing your business, which might include:

Current market value within your industry
Return on investment
Value of business assets
The cost of reconstructing the business from scratch
Expected future profit

Given the complexities of business valuation in 2025, it’s often wise to consult a professional valuer. For further insights into this process, you can also refer to the updated guidelines on valuing your business provided by business.gov.au.

3. Finding A Buyer

There are several strategies to attract potential buyers in today’s digital and interconnected market. You could:

Engage a reputable business broker
Advertise the sale online through industry websites and social media
Reach out to family, friends, employees, and your professional network
Place advertisements in trade publications
Speak directly to industry contacts

It’s a good idea to consult professionals who are up-to-date with state or territory laws. Their advice will help ensure you provide all necessary information to potential buyers. For a comprehensive look at the legal environment in 2025, consider checking out our discussion on what regulations affect your corporation.

4. Negotiating The Sale & Preparing the Contract

After finding a buyer, the next step is to negotiate the terms of the sale. In today’s market, having experienced professionals around you is invaluable.

Lawyers and accountants who specialise in business sales can offer market-standard advice and help with drafting a comprehensive Business Sale Agreement. This document, which outlines your legal rights and obligations, is critical. To safeguard your interests, you might want to use our Business Sale Agreement resource and consider our contract review service for additional peace of mind.

You and the buyer will need to reach agreement on key points such as:

Items included in the sale
The agreed price
Deposit arrangements
The settlement period
Handover training for the buyer (if required)
Arrangements regarding current staff
Warranties and indemnities

5. Employees, Tax & Other Legal Matters

It’s essential not to overlook your legal obligations once an offer is on the table.

Employees

If you currently employ staff, both you and the buyer must decide whether these employees will continue to work under the new ownership.
Clear communication is vital – if employees are transferring to the new owner, their employment with you will end, necessitating either notice or payment in lieu of notice.
Ensure that all pertinent employee information is handed over to the new employer.
There may also be certain employee entitlements that must be recognised by the new owner.

Tax

Selling your business can have significant tax implications.
Ensure you are up-to-date with any special tax requirements in your state or territory, and meet all obligatory lodgement, reporting, and payment obligations.
Consider whether Capital Gains Tax or Goods & Services Tax applies to the sale, and explore any available concessions.
It’s prudent to consult a tax advisor to develop an exit strategy or succession plan that minimises risks.

Other

Depending on your business type and industry, there may be additional matters—such as updating insurance cover or ensuring regulatory compliance—that require attention.

6. Signing the Contract

Once all terms are agreed upon, it’s time to sign the Business Sale Agreement. This stage, referred to as ‘exchange’ or ‘signing’, may also involve the buyer providing a deposit.

Remember, signing the contract is not the final step—the transaction’s completion is only finalised at settlement when the business is legally transferred to the new owner.

During the period between exchange and settlement, both parties work to finalise any conditions of the sale, such as arranging finances or securing the landlord’s consent to transfer the lease.

7. Transferring The Business (Settlement)

The final step is the settlement: transferring control of your business to the new owner and receiving the agreed purchase money.

At settlement, you as the seller will need to hand over key items such as:

Leases
Licences and permits
Tax returns, activity statements, and instalment notices
Digital assets and related information
Documents needed to transfer the registered business name

In return, the buyer provides you with the agreed purchase sum. For added reassurance, you might consider our Quick Review Service to ensure every detail is in order.

8. Post-Sale Considerations

Even after settlement, there are important post-sale matters to address. Ensure you update relevant government records, transfer any ongoing contracts, and notify service providers about the change in ownership. This smooth transition is key to wrapping up your responsibilities.

For example, updating your business name registration or company details can be handled quickly with our Company Set Up Service. Taking these steps can help prevent any future legal or administrative issues.

What to take away…

This updated checklist is designed to provide you with practical tips for selling your business in 2025. While the process may seem complex, following these steps can help clarify your path and ensure that you meet your legal obligations.

It’s always a good idea to speak with a lawyer who can help tailor your Business Sale Agreement and advise on other legal matters. Don’t forget to review our extensive legal resources, including our Modern Award Analysis and insights on current regulatory requirements.

If you need assistance with buying or selling a business, feel free to get in touch with our experienced team. With the right guidance, you can confidently move on to your next adventure!

Minna Boyle

Minna is the Head of People & Culture at Sprintlaw. After completing a law degree and working in a top-tier firm, Minna moved to NewLaw and now manages the people operations across Sprintlaw.

Tomoyuki Hachigo

Tomo is the co-founder of Sprintlaw and a commercial lawyer with a broad range of legal experience. Before starting Sprintlaw, he was an M&A lawyer at a top-tier law firm advising businesses of all sizes from large corporates to startups.