Today a special Easter edition of Fast Fix Monday. We are going to replay an episode from late last year that deals with the top seven problems you will encounter when growing your business.

As part of Phase 13: Selling your business we have been talking a lot about the best way to get ready for a sale. David Biddle has started many businesses over his career, including the lifestyle business Smart Boating. After selling that company he co-founded Brilliant Businesses a business broker that emphasizes the important of digital marketing. David has a really unique way of selling businesses by leveraging the power of social media.

Today on Fast Fix Monday we're going to talk briefly about selling part of your business. All this month we've been focused on selling your business outright. That's not always the best option. Selling just a portion of your company may be the better the solution.

The classic example of this is a real estate company that typically has two income streams. The first is the sales part of the business. The second is the rent roll of properties rented on a monthly basis. Both are very valuable assets and it's very common for a real estate company to maintain it's sales business while selling the rent roll for a high profit.

There are many reasons why you would want to sell just a part of the business. The first is that you may be in need of some quick cash. Selling part of your business can alleviate that fiscal need while maintaining an income stream for the future. A partial sale can also help you to access resources that you can then use to invest in another part of the business. Remember to exercise caution. Once you sell you can't get it back!

The important thing to remember is that you need the right advice before you commit to a sale.

In today's episode we continue our discussion on Phase 11: Selling your business. We have invited Warwick Peters to join us. Warwick is an accredited business broker with Ray White Commercial. We've known Warwick for many years and are happy to have him back on the show. We previously had him on which focused on Phase 5: Protecting your intellectual property. Warwick helps businesses to discover where their profitability lies and how best to structure themselves prior to a sale. He helps to break down and analyze what problems exist in any given company and helps to fix them.

Today on Fast Fix Monday we wanted to detail the five things you need to do before you sell your business. Getting you business ready for a sale is a really big process. There are many facets to that process that are often overlooked. Here are the big five that are an absolute must.

Today we're joined by Kevin Hockey director of Real Estate Agency Sales. Kevin helps Real Estate companies to sell their rent rolls or their entire business. He has over 30 years experience in the industry and has lots of information about how to prepare your business for a sale. Kevin worked in the industry for many years before he set up his own company.

Today on the show we focus on one of the biggest pitfalls we see when business owners prepare to sell. Taking cash for fees might seem innocuous but it can have huge implications. It can effect the value of your business in the long term. You might be tempted to pocket any cash that flows into your business. Whether your a lawyer with a client that pays in cash or you operate a coffee shop there are plenty of opportunities to keep money off your books. Avoiding the tax man might seem like a good idea at the time but it really does matter for the long term prospects of your business.

Today we start our month-long focus on Phase 11: Selling your business. This is the phase that the previous ten have been getting you ready for. You can sell part or all of your business or list it on the stock exchange. Over the next few weeks we are going to discuss each of those options in detail. Today we are going to focus on the sale of a part or the whole of your business.

In this edition of Fast Fix Monday we are going to preview this month's phase of the Business Legal Lifecycle. Phase 11: Selling your business details a number of ways to do just that. All the other phases of the BLL will get you ready for Phase 11. At some point in time you are going to exit your business. Our goal is to maximize the price you can get for the business you've put so much work into.

One of the more popular way to sell the business is to sell shares in the business. When you were first setting up your business the structure you chose will have a big impact on how you can do this. If you set up a company that owns the business you can sell shares in that company. If you own the business as an individual you can only sell the business in it's entirety.

Whether you're buying shares or you're buying a business there are different tax consequences. This is where your team of accountants and lawyers come into play. They will help guide you to deciding how best to structure your business initially.

On Wednesday we are going to offer a deeper dive on how the sales of shares works. Hope you join us then!

Time again for our monthly legal updater. It's your chance to catch up on the big legal news in Australia and around the world. There's lots to get to in this edition.