How do you Select the Right Adviser? Three Key Questions to Ask…
You have decided to sell your business, but how do you select the right adviser to help you prepare and sell? There is usually no shortage of options – from your friends and family, to accountants and lawyers, to the specialist advisers (like us). All of them will claim to know how to find you the right buyer and get you the best price, so how do you sort through and find the right option for you? Here are three key questions to ask of yourself, and the adviser before you make your decision…
1. Can I work with you?
Approachability is significant. It doesn’t matter how skilled someone is, or how well connected, if you can’t work with them and you don’t have a good relationship the road will be long and difficult.
Selling a business is often an emotional journey, and if you include full preparation, it can be a long one too. It is essential that your adviser is someone you can get on with, through the rough and the smooth. This may sway you towards family, friend or long-standing colleague – but there is also value in remaining impartial and bringing a third-party perspective.
“We completed our business sale recently! I want to thank the EH team and recommend them as approachable advisors who really care and deliver!“
2. Can I trust you?
Trust is an interesting word as it can mean so many different things. Unfortunately, there are advisers out there who are unscrupulous and who simply cannot be trusted at all. But more than just talking about honesty and credibility, I am talking about integrity – doing the right thing in the right way.
The more interesting questions when it comes to integrity are…
- Can I trust you to give me an honest valuation range, not just promise the value you think I want to hear?
- Can I trust you to tell me bad news as quickly and openly as you tell me good news?
- Can I trust you not to give up if the right buyer is more difficult to find than we’d hoped?
- Can I trust you to walk the fine line between marketing my business and maintaining confidentiality? (see our previous article 5 ways to balance confidentiality for more on this subject)
3. What’s your focus?
This question is a lot harder to ascertain, because the standard response of any adviser will be ‘to sell your business for the highest price’ or similar variation on that theme. Like any business, advisers are there to earn money and be profitable – as a business owner, this should not come as a surprise – in other words, they are looking for a result. But are they focused on their own results, or the result that best suits you?
How much time do they spend finding out what result you want, or working with you to help you define this? A good adviser will spend as much time working out what you want as explaining what they can do for you. And it shouldn’t just be about financial reward either, in our experience the amount of money you realise is only one of several outcomes you are hoping for. Many clients we work with don’t take the highest offer they get, because of things like terms, speed of exit, what happens to their staff, what happens to the brand or perhaps a future role for them.
Choosing an adviser could be the most important thing you do when preparing your business and selling it, so I hope these questions help you in thinking about who you want to work with. Everyone is different, and who you chose to work with will depend on what suits you best. One final piece of advice I would give is to do your due diligence. Meet with your adviser, check out their approach, get an initial report from them… a little time invested now will be more than worth it in the end.
If you are ready to meet, let us arrange a no obligation chat Contact us
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FAQs – Selling Your Company
How do I sell my business in the UK?
Selling a business in the UK typically involves preparing financial information, obtaining a valuation, identifying suitable buyers and negotiating the terms of a sale. Most owners work with an M&A adviser to manage the process confidentially, approach qualified buyers and maximise the value achieved.
At Entrepreneurs Hub, we talk about five key areas that make the difference between success and failure when selling your business. Read more…
What is my business worth?
A business is typically valued using a multiple of its profit, usually EBITDA or adjusted net profit. The multiple depends on factors such as growth potential, recurring revenue, customer diversification and management strength. Professional valuation provides a realistic price range and helps position the business effectively for buyers.
Determining your business’s value is more than just calculating a number it’s complex with key factors, that said the basic equation is actually quite simple. Read more…
How long does it take to sell a business?
Selling a business in the UK typically takes between six and nine months from preparation to completion. The timeline depends on business readiness, buyer demand and the complexity of due diligence. Early preparation and clear financial reporting can help shorten the process.
When is the best time to sell a business?
The best time to sell a business is when it is performing strongly, growth prospects are clear and you are not under pressure to sell.
Business owners often achieve the strongest outcomes when:
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Profits and revenue are growing
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Financial records are clear and well prepared
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There is visible future growth for buyers
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The owner has planned the sale 12–18 months in advance
Market conditions can also influence valuations. Strong buyer demand, sector growth and favourable economic conditions can increase acquisition activity, but a well-prepared business can attract interest in most markets.
Deal activity often increases during spring and autumn, although transactions complete throughout the year. In practice, preparation and business performance usually matter more than trying to perfectly time the market.
Ultimately, the best time to sell is when both the business and the owner are ready, with the company positioned to demonstrate strong value to potential buyers.
Do I need an adviser to sell my business?
Many business owners choose to work with an M&A adviser to manage the sale process. Advisers help value the business, approach qualified buyers confidentially and negotiate terms. This structured approach can increase the likelihood of achieving a higher value and a successful transaction.
How is confidentiality protected during a sale?
Confidentiality is protected through controlled information sharing, anonymous buyer approaches and strict non-disclosure agreements. Potential buyers receive limited information initially and must sign an NDA before any sensitive details are released. Business owners approve prospective buyers and maintain visibility over all documentation throughout the process.
How do I value my business before selling?
Valuing a business before selling usually involves analysing profitability, identifying valuation multiples and assessing key value drivers such as recurring revenue and customer concentration.
What’s the quickest way to sell a company?
Selling a business quickly is possible, but speed shouldn’t come at the expense of value or deal security Read more…
What’s the best way to sell a business online?
Yes, you absolutely can sell a business online. Many platforms specialise in connecting business sellers with buyers. Read more…