How to sell a small business in Queensland: a step-by-step guide
From deciding to sell through to handing over the keys. The main steps, the paperwork and who does what, in plain language.
By This article covers legal and tax matters. It's general information to help you ask better questions, not advice for your situation. Velaro isn't a law firm, registered tax agent or licensed financial adviser. Please check anything important with a qualified adviser before you act.
In short
- Most Queensland sales use the REIQ business sale contract with special conditions.
- Common conditions: buyer finance, due diligence and landlord consent.
- A GST-free sale of a going concern needs the conditions met and agreed in writing.
Selling a business can feel like a mountain of unfamiliar paperwork. Broken into steps, it's far more manageable. This guide walks through a typical sale of a small service business in Queensland. Your solicitor and accountant will tailor it to your situation.
1. Decide what you want and get advice early
Before talking to buyers, get clear on your goals: timing, price expectations, how involved you want to stay and what matters for your team. Talk to your accountant about tax and your solicitor about structure.
Early advice gives you options you might lose if you start late.
2. Get the business ready
Tidy your financial records, list assets and equipment, gather leases, contracts and licences, and document how the business runs. The more organised you are, the smoother everything that follows.
3. Find a buyer
You can list with a business broker, approach buyers directly, sell to a staff member or respond to a buyer who approaches you. Each route has trade-offs in privacy, cost and competition.
4. Share information and agree the key terms
Share summary information first, then more detail under a confidentiality agreement. If there's a fit, the main terms, including price, structure, what's included and the handover, are often set out in a heads of agreement or letter of offer.
5. Due diligence and the sale contract
The buyer checks the business in detail while solicitors prepare the sale contract. In Queensland, many small business sales use a standard contract form such as the REIQ business sale contract, with special conditions added.
Common conditions include the buyer's finance, due diligence and landlord consent to transfer the lease.
6. Consents, licences and completion
Your landlord's consent to assign the lease, transfers of licences, registrations and supplier accounts, and any finance approvals are completed. The buyer's solicitor usually searches the Personal Property Securities Register to check assets are free of finance.
At completion, payment is made as agreed and ownership changes.
7. Handover and wrapping up
You help the buyer settle in with staff, customers and suppliers for the agreed period. Your accountant helps with final tax obligations, including your final BAS.
Keep your records, as you may need them later.
Your checklist
What to do next
- Meet your accountant and solicitor
- Organise financials, assets, leases and licences
- Choose how you'll find a buyer
- Use a confidentiality agreement before sharing detail
- Agree key terms in writing
- Start landlord consent early
- Plan the handover and final tax steps
Example
A Logan pest control owner followed these steps over about seven months. Starting the landlord conversation during due diligence rather than after meant completion happened on the planned date.
An illustrative example, not a real client or transaction.
Questions owners ask
Do I need a solicitor to sell my business?+
It's strongly recommended. The contract, lease assignment and conditions all carry legal risk.
Does my ABN transfer to the buyer?+
No. The buyer uses their own ABN. You'll finalise your own tax obligations with your accountant.
Is GST payable on the sale?+
The sale of a business as a going concern can be GST-free if the conditions are met. Your accountant will confirm.
Sources and further reading
- REIQ (Queensland standard contracts)
- ATO: Sale of a going concern (GST)
- Personal Property Securities Register (PPSR)
- ATO: Changing, selling or closing your business
- business.gov.au: Sell your business
Information checked against these sources as at October 2026. Rules and thresholds can change, so check the current position with your adviser.
Important
This article is general information only. It doesn't take your personal circumstances into account and isn't financial, legal, tax, employment or valuation advice. Velaro Group is a buyer of businesses. It isn't a business broker, licensed financial adviser, registered tax agent or law firm, and it doesn't act for sellers. Please get advice from your own accountant, solicitor or financial adviser before making any decision. Read the full disclaimer.
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