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
Similar Insights
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 by applying a multiple to its sustainable profit, often EBITDA or adjusted net profit. The appropriate multiple depends on factors including growth, recurring revenue, customer concentration, management strength, owner dependency, market conditions and buyer demand.
Determining what your business is worth involves more than applying a simple formula. Use our Business Valuation Calculator to obtain an initial valuation range, or read our simple business valuation guide to understand the factors buyers consider.
How long does it take to sell a business?
Selling a business in the UK typically takes 12 to 18 months from initial preparation to completion, although the formal sale process itself may take around 6 to 9 months once the business is ready to go to market. The exact timeframe depends on factors such as how prepared the business is, buyer demand, the complexity of the transaction, due diligence and how quickly legal and commercial terms can be agreed. Preparing financial information, contracts and other key documents in advance can help reduce delays and make the sale process more efficient. Read our complete business sale timeline to see what happens at each stage.
When is the best time to sell a business?
The best time to sell a business is usually when it is performing strongly, has clear growth potential and you are not under pressure to complete a deal. Buyers are typically more attracted to businesses with stable or rising profits, reliable financial information and credible opportunities for future growth.
You may be in a stronger position to sell when:
- Revenue and profits are growing or consistently strong.
- Financial records are accurate and up to date.
- Future growth opportunities can be clearly demonstrated.
- The business is not overly dependent on you.
- An experienced management team is in place.
- You have prepared for the sale well in advance.
Market conditions can also influence buyer appetite and valuation. Sector growth, access to finance and competition between buyers may support stronger deal activity. However, the performance and sale-readiness of your business are usually more important than trying to identify the perfect month or year to sell.
Ultimately, the right time to sell is when both you and your business are ready, and the company can demonstrate sustainable performance, manageable risk and future value to potential buyers.
Use our Exit Readiness Assessment to assess how prepared your business is.
Do I need an adviser to sell my business?
You are not legally required to use an adviser to sell your business, but many owners appoint an experienced M&A adviser to help manage the process. An adviser can prepare the business for sale, identify and approach suitable buyers confidentially, coordinate negotiations and support the transaction through due diligence.
The right adviser can also help create competitive tension, protect your time and reduce the risk of avoidable mistakes. Read our guide to choosing the right business sale adviser to understand the different types of support available.
How do I prepare my business for sale?
Preparing a business for sale involves strengthening its financial performance, reducing risk and making sure it can operate successfully without heavy reliance on the owner. Buyers will also expect accurate financial records, clear contracts, organised documentation and evidence of future growth.
Preparation should ideally begin well before approaching the market, giving you time to address weaknesses that could affect value or delay the transaction. Use our Exit Readiness Tool to assess how prepared your business currently is.
How is confidentiality protected during a sale?
Confidentiality is protected through controlled information sharing, anonymised buyer approaches and non-disclosure agreements. Potential buyers usually receive limited information at the start of the process and must sign an NDA before commercially sensitive details are released.
Prospective buyers should be assessed before receiving further information, with documents shared gradually according to their level of interest and credibility. A well-managed process also allows the business owner to retain oversight of who is approached and what information is disclosed.
What documents do I need to sell my business?
The documents needed to sell a business commonly include financial accounts, management information, forecasts, customer and supplier contracts, employment records, tax information and evidence of intellectual property ownership.
Buyers may also request details of property, insurance, legal disputes, regulatory matters and company ownership. Organising this information before due diligence begins can reduce delays and help maintain buyer confidence. Our Business Sale Due Diligence Checklist explains the main information buyers are likely to request.
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…
How can I increase the value of my business before selling?
You may be able to increase the value of your business by improving sustainable profits, developing recurring revenue and reducing reliance on individual customers or the owner. Buyers also value capable management teams, reliable financial reporting, scalable operations and clear opportunities for future growth.
The earlier you identify the factors affecting value, the more time you have to make meaningful improvements. Use our Business Valuation Calculator for an initial indication of value and our Exit Readiness Tool to identify areas that may need attention.