I'm Considering Selling My Business – What Do I Need to Know?
Selling your business can be a complex process, and it's something that requires a great deal of thought and careful planning.
That's one of the reasons why so many businesses hire a specialist (or a number of specialists) to help them through the process.
So, what do you know about selling your business? Here's a guide to help you start planning.
Exit Planning Starts Early
When you are starting a business, it seems unnecessary to start planning for its eventual end. However, it should be an essential consideration if you think you might sell it one day.
Small business exit planning is one of the services we offer to businesses in Hampshire and Surrey, and this covers a wide range of areas including:
- Your tax liabilities
- Coming up with a detailed plan
- Maximising your financial gains
- The transition of ownership
- Timing the sale
- Guidance during the process
… and lots more.
We provide the best business support services Aldershot has to offer for any business considering selling. So even if you are not ready to sell but you know it's a possibility one day, we’d love to talk to you.
Tips for Selling Your Business Successfully
First of all, you'll want to do everything you can to get your business into the best shape possible. You need to show confidence in your business and in the products and services you sell because it is this belief in your business that will help to convince potential buyers.
It's also crucial to get all of your accounts in order and report them with complete accuracy (yes, we can help here too!). This creates a good impression and gives potential buyers more confidence in your business.
Prepare all of your documents, financial statements, tax returns and more, and review them with your accountant. List the equipment you are selling with the business, the contracts and any relevant paperwork, such as for your lease.
A big question will be whether your business is profitable. Obviously, it's best to sell the business when it is profitable because this will affect its valuation.
Keep in mind that a strong brand can help you to get a better price, so this is something you should be working on continuously, even before you have decided to sell your business.
Finally, you will need to decide on a value for your business, one that's not too low but that is still realistic. A professional business appraiser can help here, and this will add more credibility to the asking price.
A lot of factors will affect its value, including its profitability, the size of its customer base, whether you have any large contracts, and more.
How Do You Sell Your Business?
When the time comes to actually sell your business, you can either do this on your own or use the services of a broker.
Selling on your own saves money, and this can be a better option if you are selling to someone you know.
However, a broker saves time and hassle, giving you more time to work on improving the business and getting it into shape while the broker sorts out the details.
Let Us Help You Sell Your Business
Whether you are preparing to sell your business soon or it's something that you would like to do in the future, let us help you get started.
We can help you get everything in order well before you want to sell it, and our specialist advice can help you to make the right decisions to ensure a successful sale.