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Thinking of Selling Your Business?
No doubt the time will come when you want to sell your business, whether retirement, re-location, or pursue a new business opportunity. Preparation is key to achieving a successful sale, potential business sellers should think about following the steps below:-
- Choose the correct Business Agent taking into account time established, experience in sector, marketing and advertising package offered coupled with fee structure, cheapest is not always best.
- Ensure your accounting information is up to date, not just for potential buyers but also for the Business Agent, this will be used to calculate the marketing price for your business. Don’t worry about the Net Profit, quite often this will be adjusted by the agent removing personal items of expenditure and ‘non cash’ items such as depreciation.
- In respect of Leasehold premises, it is helpful to have a copy of the Lease detailing the key information - length/expiry, rent payable, rent review dates and that it is renewable. Should the Lease be nearing its end date then it may be advantageous to speak with the landlord prior, advising of your intention to sell and what options the landlord is prepared to offer.
- Make sure the premises are presentable – clean and tidy, first impressions count! Shop front and signage is washed down, retail area is organised and fully stocked, and all lighting is working. Accommodation is always a benefit when selling a business, this should also be well presented.
- The above should result in viewings of your business, appointments should be attended by you as the owner, potential purchasers always want to meet the owner to answer their queries.
- Quite often finding a buyer is the easy part in selling your business, the hard work is getting the transaction over the finishing line. A good Business Agent will be in regular contact with yourself and your solicitor, who should be a commercial solicitor, again cheapest is not always best!
Thinking of selling your business? Require a free no obligation appraisal? Contact EM & F Head Office on 01404 813762 or go to emfgroup.com/contact for details of your local office.