If you’ve invested heavily in the growth and success of your company over the years, it makes good business sense to plan an exit strategy.
It’s important to recognise when the time has come to move on and sell your business. The further in advance you do this the better, as most people find it takes a number of years to effectively prepare their business for sale.
Selling your business can be a complex venture, which involves several considerations. Is your business ready to sell? Is the market right? Could you cope with the changes on the horizon? It can also require that you enlist the help of a conveyancer, an accountant and a broker as you proceed.
Whether you profit will depend on a number of things, including the reason for sale, timing, and the prospects for the business’s operation.
Buyers will generally look at four main aspects of your business:
- Accounts – You’ll need to ensure that profits, margins and sales remain attractive to buyers during the sale process.
- Strategy – Your ‘vision’ for the business is another important thing to communicate to a potential buyer. Ensure your strategy is polished and you are convinced by it – if you’re not your buyer won’t be either.
- Management and staff – Positive employee relationships are integral to the running of any business. It’s essential you have a reliable management team in place who you can trust to remain loyal to the business when it changes hands.
- Legal and contractual arrangements – You should seek legal advice before any part of the sale process begins. It is usually worth working with a specialist commercial conveyancer to ensure all contracts are entirely in order and watertight.
Selling a business can be an incredibly time consuming and stressful project but with the right guidance from an experienced and professional conveyancer, you can help to build a solid plan and ensure negotiations are a success.
No matter what the size or industry of the business you are selling, you can be confident that Peter Robinson & Co. will deal with your matters in a professional and efficient manner.