Selling your business – A mini guide
Selling a business is a complex and sensitive process. Most business owners have little knowledge around what steps are involved and this can make the idea of daunting and unnerving.
If you have decided that you want to sell your business, read our 4 key stages to understand the key milestones and how to get the best business offer:
- Consult with professionals
An agent is certainly the most effective and safe way of selling your business. Your agent will provide expert support and guidance from beginning to end and they have mountains of experience to know what’s best for your particular sale. Acting on your behalf, your agent will also remove much of the headache by managing all communications to ensure that your best instructs are met.
We also recommend consulting with other professionals such as your accountant and solicitor in order to get expert advice in those important areas.
- Prepare for sale
Prospective buyers will want to see documentation in order to make an offer. You need to have your accounts regulatory reports, contracts and operational information prepared and ready for those requests. If you don’t you may find yourself delaying the process and risk losing the buyers interest
- Offers and negotiations
Your agent will discuss all offers from prospective buyers with you. They will explain each offer, case-by-case and will negotiate on your behalf.
Once an offer has been accepted, the agent will kick-off the appoint the legal representatives are notified so that the legal process can begin.
Once the contract of sale has been signed and funds have been transferred, the business has then officially transferred over to the buyer. You will need to provide a handover to introduce the new owners to the business (usually lasting a month). You can then celebrate!
Appointing a good agent will ensure that the sale of your business runs discreetly, efficiently and professionally. Contact us to enquire about our services and how we can help