How do I sell my business? If your thinking about selling your business it’s a really good idea to get these things in place to get it sold quickly and at the best price.
Prepare now! Contact us for selling your business advice
When selling your business
When selling your business you have to look at every aspect of the business.
The financial performance is extremely important, you should take two or three years accounts to make sure that they’re all in order and they tell a good story, and there are no hidden surprises.
Make sure there’s no is nothing that an acquirer might actually raise their eyebrows at.
Look at the actual business itself.
Make sure you have a good sales and marketing plan in place, as acquirers will be looking for signs that the business will expand and grow. They don’t just want to take the business and then strip the assets, mostly they want to actually get out there and grow the business.
There may be a strategic fit, so they want to make sure they’re buying something that’s worthwhile.
Team is place
They also want to make sure that the team is in place. If you as a business owner are selling a business, your going to be gone.
So if you’re the person who’s the most important person in the business, then in fact that’s actually a weakness because the clients will go with you.
It is best to have a succession plan in place so you know that you can pass the business onto your trusted team.
Inform and prefer your team so that they are ready to take it on as soon as you’re ready to leave the business.
The other area that’s very important is having a governance structure in place. Having a board, maybe a non-exec, something that shows you are actually thinking strategically about your business.
Have a plan in place and regular monthly meetings, which are minuted so that you know that you’re on a course to success and growth.
They’ll want to buy
All this will give the buyer a lot of confidence that you’re running a professional and well-run company that knows where it’s going and it’s one that they’ll want to buy.
Getting ready to sell my business
You can find more details on want to put in place to get ready to sell your business in our ebook here.
We have helped lots of businesses get ready to sell their business and then helped them sell it at the best price. So if you would like all this done for you please contact us or find out more details here