Now that the economy is recovering many businesses may look into selling up as more people will be looking to buy. There are many reasons people consider selling a business: it may be due to reaching the age of retirement, financial issues or even boredom. If you are thinking of selling because you are facing issues outside of work, such as divorce or bereavement, consider if now is the best time to sell, when you are possibly not in the right frame of mind to think clearly. Is there anyone who can take over some of the responsibility of handling your business in the meantime?
If you are sure about selling it is important to have all the right information first, so here are some tips on how to get the best deal.
Get a Valuation
Be prepared to get a valuation of your business to make sure that you are selling at the right price. You can find many companies online that can give you a valuation on your business, such as Axis Partnership, for example, who also have a range of success stories on businesses they’ve sold. They can work for you as a broker to help sell your business, which will give you the optimum opportunity to find the right buyer.
Find a Buyer
Once you have a clear valuation of your business and you are 100% sure that you want to sell, then you need to find a buyer. It is a good idea to find more than one potential buyer to compare the price you’ve been offered and gauge its reasonability, and also to act as a back-up plan if the deal does not deliver. Negotiate the price, and if you don’t have much interest prepare to be flexible to some level if you’re determined to sell now.
Get Some Help
If your company doesn’t already have a lawyer or an accountant then you will need to hire one to help draw up a contract and work out the finances. It is important to have everything in writing, and having these contacts can also help you after you’ve sold your business, with tasks such as handling profits from the business sale or investing your money in another business.
Don’t forget about the ‘closing down’ procedures, also known as ‘winding up’ your company. These are things that you need to do after selling up. Find more advice on this at the Companies House website.
Get in touch and let us know if selling your business was the right move and how you managed the whole process.