Preparing your business for sale: handy tips.

Last month, we spoke in detail about the importance of a concrete business exit strategy. Whether you’re retiring or just moving onto a new chapter, a sound exit strategy is a major part of securing the most returns from the business sale and ensuring a smooth handover. Your exit strategy may be collecting dust for some years before you actually need it, but when you do, the first step is to prepare your business for sale and start creating a succession plan. 


Today, we’re laying out three tips to consider when it comes to doing just that — preparing your business for sale. 


1. Plan ahead. 

Most business owners only think about what to do with their business when their health starts to decline, they are approaching retirement, or they become ill. This often leads to owners making important decisions under unnecessary time pressure. As a result, these rash decisions are usually ill-informed and don’t provide the outcomes one had hoped for. 


Another reason business owners start rushing through the sale process is because they’re forced out of business. This might be due to the loss of an irreplaceable employee, unforeseen changes in the market, or shifts in customer demand. 


Whatever the reason, waiting for any of these events to happen will almost certainly put you in an unfavourable selling position. Planning ahead with a succession plan means you’re empowered with the ability to be in total control of your business sale — whatever the circumstances. You can forecast and mitigate against such events, helping you exit on your terms. 


2. Ask yourself, “why?”. 

Everyone starts their business based on something. A feeling, goal, passion, vision, dream, perhaps you just noticed a gap in the market and sought to fill it, or you just needed the income and wanted to work for yourself. The point is, you started your business for a reason. With the sale of your business, you get to be just as clear about what you wish to achieve as you were when you started it. 


Usually, there is a lot more to consider than just making a profit from selling your enterprise. For example, a popular desire is that the business will be passed on to a family member, or at least a trusted individual who will continue the business’s good name. You might wish to retain the rights over a particular product, or still be consulted when it comes to major business decisions. 


So, think about it — what do you wish to gain from selling your business? For some, it will be purely financial gain (and that’s fine!), but for many, there are other elements to consider. 


3. Choose the right time. 

When you launched your business, you might have had a vision that it would endure forever — or at least long after you’ve sold it — and become a household name or local legacy. However, 50% of businesses are 10 years old or less, and only 10% reach the 25-year mark. It goes without saying that most businesses close unexpectedly, so knowing when to sell a business is crucial. The question is, how do you know when it's time to let go? 


Studies show that the best time to sell a business is when sales are peaking and profits continue to rise. Now, we know it’s tempting to hold on to a business during these times because of course you want to see those profits rolling into your bank account. But, it is significantly easier to sell a profitable business than a failing one. So, let’s say you plan to sell your business in 2028, but in 2026 your profits are suddenly soaring. You might like to sell then, albeit two years earlier than you intended, and make the most of the opportunity to sell a successful, thriving business. Come 2028, your profits might have plummeted, and you’re left with a dwindling business no one wants to buy… 

Need tailored advice for succession planning? 

Business succession planning is one of our core offerings We provide advice and guidance on how to adopt a succession plan that provides for your future security. So, we’ll work with you to tailor a succession plan and help you roll it out over a set period — ideally, five years. See what’s covered here, or contact Ascent Accounting now to get started. 

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The 5% homebuyer deposit for first home buyers.

December 15, 2025
The Australian Government’s expanded 5% Deposit Scheme, which commenced on October 1, offers a fast-tracked path to home ownership for many aspiring buyers. By drastically reducing the deposit required and eliminating Lenders Mortgage Insurance (LMI), this program aims to unlock the door to your very own home sooner than ever thought possible. However, like any major economic policy, it has significant implications that buyers and taxpayers must consider. Here is a breakdown of how the scheme works, who qualifies, and what the potential impact could be on the property market. What is the 5% Deposit Scheme and how does it work? The scheme is designed to make home ownership more achievable, particularly for those struggling to save a 20% deposit. Low Deposit: The home buyer secures a loan with a minimum deposit of 5% (for First Home Buyers) or 2% (for single parents/legal guardians). Government Guarantee: Instead of the buyer paying LMI (which protects the lender), the Australian Government provides a guarantee to a Participating Lender. This guarantee allows the lender to provide a home loan covering up to 95% or 98% of the home's value without the usual LMI fee. No LMI: The buyer avoids paying Lenders Mortgage Insurance, significantly reducing upfront costs.  Key features of the expanded program include no income caps, as well as unlimited spots and no waiting list. The Scheme also makes a wider choice of home types available (houses, apartments, house/land packages, vacant land with a building contract, new or existing homes). It’s not just for first home buyers!

6 personal budgeting tips for Christmas.

December 15, 2025
Christmas can be the most wonderful time of the year—it can also be one of the most expensive. The key to enjoying the festive season and reducing the risk of financial stress is careful planning. As your financial partners at Ascent Accountants, we want you to focus on what truly matters—time with friends, family, and peace of mind. Six essential budgeting tips to help you take control of your Christmas spending. 1. Make a detailed budget list. The sooner you start, the more control you have. Begin by listing every expense you anticipate, including gifts, food, clothes, travel, and entertainment. Once you have your total, check it against your available funds. If the total feels too high, look at where you can cut back or spread the cost. Being realistic from the beginning prevents surprises later. 2. Prioritise what truly matters (and pay your priority debts!). When money is tight, focus your funds on the essentials and the things that genuinely bring the most joy. Order your list by priority (e.g., gifts for children first, then shared family meals, then travel). It’s okay—and essential—to say 'no' to extras that don’t fit your budget. Always consider your priority payments and debts before any other Christmas spending. Priority debts, like rent, electricity, or car insurance, must always come first as they significantly impact your day-to-day life if left unpaid. 3. Be cautious with credit and 'Buy Now, Pay Later' arrangements. It's tempting to use a credit card or a Buy Now, Pay Later option, especially when promotions promise delayed payments. However, small instalments add up quickly, and missing a payment can result in fees and/or negatively impact your credit record. If you do use credit, only borrow what you can comfortably afford to repay, and make a solid plan to pay it off as soon as possible in the new year. 4. Compare prices & shop smart. Always take time to research before you buy. Comparing online and in-store prices can result in significant savings. Be wary of high-pressure sales events like Black Friday, which often encourage impulse spending. Before purchasing, ask yourself three questions: Do I really need this? Is this on my original budget list, or is it extra? Is this truly a bargain if I don't actually need it? 5. Suggest a 'Secret Santa'. If your family or friend group has traditionally bought gifts for everyone, suggest switching to a Secret Santa arrangement. Setting a sensible spending limit or pooling funds for one thoughtful gift makes things easier and less expensive for everyone. Often, homemade gifts or vouchers for experiences are more meaningful and last longer in the memory than expensive presents. 6. Plan ahead for next year. The best way to guarantee a calm, affordable Christmas next year is to start preparing now. After this year's holidays, take note of exactly what you spent and where the money went. Set a goal for next year and start a small savings fund. Even setting aside $5 or $10 a week can make a monumental difference in managing next Christmas without stress. Need to tidy up your finances after the holidays? If the Christmas period leaves you needing advice on debt consolidation, setting up a savings plan, or just better budgeting habits for the new year, contact the team at Ascent Accountants. We can help you build the confidence to hit your financial goals!

FBT on Work Christmas Parties & Gifts

December 15, 2025
As the end of the year approaches, businesses are gearing up for the festive season, which means planning the annual Christmas party and showing appreciation with gifts. While the cheer is high, so too are the complexities of Fringe Benefits Tax (FBT). Getting the FBT treatment wrong can turn a simple celebration into an unexpected tax bill. As your trusted advisors at Ascent Accountants, here is a breakdown of the key tax rules, with a focus on the crucial $300 per person limit, to ensure your end-of-year generosity is tax-effective. The critical $300 minor benefit threshold. The Minor Benefits Exemption is your best friend for managing FBT. A benefit is generally exempt from FBT if its total notional taxable value is less than $300 (GST inclusive) per person, and it is provided infrequently and irregularly. Christmas parties (entertainment) The location and cost of your party are the key factors for FBT.

Burnout & mental health in a post-pandemic workplace.

November 12, 2025
Workplace stress affects mental health. Learn how employees and employers can prevent burnout and boost wellbeing and productivity.

Dealing with divorce; your property guide.

November 12, 2025
Divorce or separation is complex. Learn how to handle shared property, including the family home, investments, and SMSF assets.

Does your business need public liability insurance?

November 12, 2025
If your business interacts with the public in any way (from welcoming customers into your shop to visiting client sites) then public liability insurance isn’t just “nice to have.” It’s essential protection. Whether you’re a sole trader, a café owner, or running a construction company, public liability insurance helps safeguard your business against unexpected (and often costly) accidents. What Is public liability insurance? Public liability insurance covers your business if a member of the public suffers injury, death, or property damage as a result of your business activities. In simple terms, it’s there to protect you financially if something goes wrong—such as a customer slipping in your store, a tradie damaging a client’s property, or a product you sell causing harm. Without it, you could be personally liable for significant compensation and legal costs. What does it cover? A typical policy covers: Injury or death to a third party caused by your business operations. Damage to property belonging to someone else. Compensation and legal costs you’re ordered to pay following a covered claim. For example, if a customer trips over a cable in your office or a carpenter cracks a client’s TV while working onsite, public liability insurance steps in to cover the costs. What isn’t covered?  While every policy is different, public liability insurance usually won’t cover: Damage involving vehicles. Defective work. Breach of professional duty or negligence in advice (that’s covered by professional indemnity insurance). Defamation or advertising liability. Understanding these exclusions helps you choose the right combination of cover for your business. Who needs public liability insurance? If your business has any level of public interaction, you likely need it. Common examples include: Customer or supplier visits: If anyone comes to your premises or you work on theirs. Public events: Markets, expos, and pop-ups. Retail, trade, and construction: High public contact increases your risk. Leased premises: Many shopping centres and landlords require proof of cover. Contractor or license requirements: Many trade licenses (like electricians and plumbers) require it to operate. Even if it’s not legally required, most Australian businesses choose to have public liability insurance for peace of mind. How much cover do you need? The level of cover depends on your industry, business size, and risk exposure. Most businesses opt for between $5 million and $20 million. It’s worth reviewing your policy regularly, especially if your operations expand or you start working in new environments. Is it compulsory in Australia? Public liability insurance isn’t legally mandatory for all businesses, but some industries and licences make it a condition of operation. For example, in Queensland, electrical contractors must hold a minimum of $5 million in public and product liability cover. Similarly, councils or venue owners may require proof of insurance before approving an event or leasing a space. Don’t risk a law suit. Being sued for negligence can be financially devastating. Even a minor incident can mean you lose hundreds of thousands—not to mention the impact on your brand and business reputation. Public liability insurance ensures your business can keep operating, even when the unexpected happens. If you’re unsure whether your current cover is adequate, our team at Ascent Accountants can help you review your business risks and recommend the right level of protection for your situation. Contact us today to learn more.
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