The Business Sale Roadmap in the UK
The Business Sale Roadmap
Selling a business is a process that usually takes at least three months. Should you need to hurry your sale, you may be able to achieve a quicker timescale but typically the best sale price is achieved with a careful and well managed sale over a three to twelve month period.
ValueThatBusiness.com is a website that matches business buyers with sellers to help you achieve the best price in return for all the hard work you have put into building and running your business.
Notify Your Accountant
Your Accountant will help you get your financial information together and will also advise you on any tax issues that will arise when the business is sold. He/she may also advise on the most appropriate legal structure for your business to effect a sale.
If you don't already have an accountant search the official ICAEW Directory of Firms online to find a Chartered Accountant in the UK.
Increase Business Value Prior To Sale
You can increase your business's sale value by making your business as attractive as possible to potential purchasers. This means getting the business and possibly yourself into a position or frame of mind where the business can be sold easily. The right approach can significantly increase the value of your business and help make the sale process easier.
Value Your Business
There are many different methods used in valuing businesses and in the end the value of the business depends on the amount the buyer is willing to pay. However, you need to have an informed opinion on an approximate value that your business may achieve in the market. Use the Business Valuation Tools on ValueThatBusiness to get a guide to your business's valuation.
Find a Solicitor
Seeking advice from a solicitor from the beginning will help you avoid common legal errors. The most important aspect of choosing a solicitor is to ensure they have experience in the area(s) of law that are most relevant to your business sale, for example employment law, intellectual property, commercial property, contract law etc.
Choose A Business Transfer Agent
A Business Transfer Agent has the training and expertise to guide you through the process in a comfortable and efficient manner. They should coordinate the efforts of your professional advisors, such as lawyers and accountants. They should have handled many transactions before and should understand the complexities of selling and buying a business.
The Business Transfer Agent should confidentially market the business, find and screen the Buyers, educate them, negotiate the terms of the sale and provide a buffer between you and prospective buyers for the emotional highs and lows that may arise during the sale transaction.
Plan Your Business Sale Ad
Prior to creating your Ad you may wish to read the guide on Value That Business on how to get the best results from a business sale listing.
Advertise Your Business for Sale
Once you are ready to create your Ad and get your sale under way, use ValueThatBusiness.com to make sure you're getting the maximum distribution and response from your Business Sale Advertisement.
Take An Active Role In The Sale Process
Even though you may have your advisers in place, and your sale is underway, its important to stay involved in the process. You need to ensure that your advisers are "playing nice" together and that answers and information is being provided in a timely manner to those requesting it. This will ensure there are no unnecessary delays in the sale process.
Selling a business is a process that usually takes at least three months. Should you need to hurry your sale, you may be able to achieve a quicker timescale but typically the best sale price is achieved with a careful and well managed sale over a three to twelve month period.
ValueThatBusiness.com is a website that matches business buyers with sellers to help you achieve the best price in return for all the hard work you have put into building and running your business.
Notify Your Accountant
Your Accountant will help you get your financial information together and will also advise you on any tax issues that will arise when the business is sold. He/she may also advise on the most appropriate legal structure for your business to effect a sale.
If you don't already have an accountant search the official ICAEW Directory of Firms online to find a Chartered Accountant in the UK.
Increase Business Value Prior To Sale
You can increase your business's sale value by making your business as attractive as possible to potential purchasers. This means getting the business and possibly yourself into a position or frame of mind where the business can be sold easily. The right approach can significantly increase the value of your business and help make the sale process easier.
Value Your Business
There are many different methods used in valuing businesses and in the end the value of the business depends on the amount the buyer is willing to pay. However, you need to have an informed opinion on an approximate value that your business may achieve in the market. Use the Business Valuation Tools on ValueThatBusiness to get a guide to your business's valuation.
Find a Solicitor
Seeking advice from a solicitor from the beginning will help you avoid common legal errors. The most important aspect of choosing a solicitor is to ensure they have experience in the area(s) of law that are most relevant to your business sale, for example employment law, intellectual property, commercial property, contract law etc.
Choose A Business Transfer Agent
A Business Transfer Agent has the training and expertise to guide you through the process in a comfortable and efficient manner. They should coordinate the efforts of your professional advisors, such as lawyers and accountants. They should have handled many transactions before and should understand the complexities of selling and buying a business.
The Business Transfer Agent should confidentially market the business, find and screen the Buyers, educate them, negotiate the terms of the sale and provide a buffer between you and prospective buyers for the emotional highs and lows that may arise during the sale transaction.
Plan Your Business Sale Ad
Prior to creating your Ad you may wish to read the guide on Value That Business on how to get the best results from a business sale listing.
Advertise Your Business for Sale
Once you are ready to create your Ad and get your sale under way, use ValueThatBusiness.com to make sure you're getting the maximum distribution and response from your Business Sale Advertisement.
Take An Active Role In The Sale Process
Even though you may have your advisers in place, and your sale is underway, its important to stay involved in the process. You need to ensure that your advisers are "playing nice" together and that answers and information is being provided in a timely manner to those requesting it. This will ensure there are no unnecessary delays in the sale process.
