If you have decided that the time has come to sell your business, you will want to make sure that you spend some time planning and preparing to see the process through correctly. Whether you have decided that you don’t want the stress anymore or you have decided that you would prefer to go in a different direction and do something else, there are lots of reasons to sell a business and once you have made that decision, you need to know what to do next…
Firstly, you should prepare for the sale and get organised. Work out how appealing your business is to potential buyers. Do you have a good customer base with loyal customers? What is your position in the market? Does your business Have potential to grow? These are just a few of the things that buyers will want to know and will take into consideration when they are deciding whether your business is a good prospect.
It also helps at this point to have an expert opinion on things, for example, speak to a professional accountant like this Gloucester accountants www.randall-payne.co.uk/services/accountancy/gloucester-accountants/ who has experience with selling businesses, as they will be able to help you with the financial side of things.
An accountant will also be able to help you to value the business, and as well as business assets, they will look at things like staff, reputation and revenue. This is all about getting the balance right – you won’t want to sell the business for less than it is worth, but putting too high a price on it will not make it appealing to buyers and you are not likely to be able to sell it.
Once you have decided on the value of the business, you will need to find a buyer. There are brokers who specialise in selling businesses and can make sure that it is advertised in the right places, so anyone interested is able to find it. You need to make sure that this is done in a confidential manner, as until something has been agreed this could have a detrimental effect.
Once you have found a buyer, the sale and the terms that it is being sold under needs to be agreed. Things like the payments for the business, when the ownership will be transferred and what security do you have. Get a solicitor who will be able to help you with all of this to ensure that all is done correctly.