Selling your business is a big decision, it means you will be disposing of something that has consumed your time, energy, passion and investment, not forgetting that of your staff too, so it makes sense to plan and get the best possible return. If over this festive season you are considering selling, here are some thoughts for you to consider:
Is the business attractive to potential buyers? Most buyers will want a viable business that delivers future growth and profit. To do demonstrate this your business needs to show sustained revenue and profit growth over a period of several years. It also needs to continue to function after the existing owners have exited, therefore you need to have a management structure and team in place that is transferable and will keep functioning and growing the business.
Is your business ready to transfer?. Once a buyer has made an offer, a period of due diligence will follow, no stones will be left unturned, so you will need to ensure everything is in order including:
- Certified accounts
- Sales figures
- Customer and supplier agreements
- Contracts and leases
- Shareholder agreements
- Staff contracts
- All legal disputes settled
When to sell? There is no doubt judgment is required to sell in the best market conditions, but if your business is not ready to sell, then you should implement a plan to get there, which could take several years. If you need to put a growth plan and a management team in place, start the process as soon as is possible. Once you have all the right elements in place then you can consider marketing the business. If you want help in preparing your business for sale go to: https://www.weybrookbusinessbrokers.com/preparing-your-business-for-sale/
How to sell. There are ways to promote and sell your business. without getting third parties involved and you may just get an amazing result, however, most business owners are not experts in selling businesses therefor our recommendation is to engage a broker, to help you market the business. You will also need a good accountant to ensure the numbers and accounts stand up and a commercial lawyer well versed in selling businesses to complete the sale. To find out more go to: https://www.weybrookbusinessbrokers.com/sell-my-business/
At Weybrook we are always willing to help – so if you want to find out more call us 07826 050690 or register here: https://www.weybrookbusinessbrokers.com/contact-us/