So, you’re thinking about selling your company. Perhaps the time has come for you to retire, or maybe you’ve spent many years feeling money rich yet time poor and you need advice for selling a business so you can move towards a more balanced lifestyle.
Like many things in life, selling a business for optimum value is about careful preparation. We’ve all heard that old saying, “If you fail to prepare, you prepare to fail”. As an experienced corporate finance company, we help hundreds of businesses get exit ready and achieve their best sale. Here are a few key pieces of advice for selling a business that we like to share along the way…
5 expert tips for preparing to sell a business
- Start by asking yourself some personal questions
Really focus on your business sale objectives in more detail. What’s important to you? What are your exit options? How ready do you think you and the business are to sell up?
- Set a date to fully review your business
Why not do this offsite for a clearer perspective? Review what you’re selling and honestly examine advantages and issues with financials, staff and business structure, IP, compliance and contracts. Consider who might buy your business and what they’ll be looking for.
- Document a detailed exit plan
Exiting your business is the pinnacle of a journey – sometimes a lifetime long – so continue that investment right up until the moment you sell. Use the information gathered during your review process to formulate a clear ‘road map’ and timeline. Don’t forget to create a due diligence checklist.
- Take action
If you’re serious about selling your business properly, you need to hold yourself and your partners accountable for delivering on your exit plan. Start with quick wins to get the momentum going and assign deadlines to actions at every stage. Review progress at monthly update meetings to ensure you stay on track.
- Meet with industry specialists
Chances are you haven’t sold a business before, so make use of the wisdom and experience available to you from consultants who have more than just the benefit of hindsight. Seek counsel on complex areas such as tax and legal, compliance and regulation, contracts and litigations, intellectual property – and always remember to get independent advice on how to secure the wealth you’ve worked so hard to achieve for the future.
When business owners initially come to us seeking advice for selling a business, a phrase we hear so often is, “Why didn’t I get help sooner?”. If you develop and implement careful preparation from the outset, you’ll ultimately be rewarded with a sale that reflects the true worth of your business and all the time, money and energy you’ve invested in it.
Need help navigating your company towards a successful sale? Entrepreneurs Hub is a corporate finance company providing friendly support and expert advice to UK business owners and shareholders. Don’t go it alone – contact us in confidence today to discuss how we can help you sell your business. Call 0845 0678678 or email [email protected]