Business or Life Not Where you Would Like it to Be?
I cycle most weeks with my friend Paul – we both returned to cycling last year. Until recently I was definitely quicker on the hills. At the start of a hill Paul would often say ‘I will see you at the top’. We would compare average speed and I was normally one or two miles per hour faster than Paul. Well that was until last week! He is now nearly over two seconds faster than me and it’s not because I’ve become slower.
During our last ride, when I mentioned that I had noticed he had significantly improved, he said ‘my bike fit has really helped’. He continued to tell me that he had been to a specialist dealer for a complete review. They reviewed his riding position, his shoes, the position of his cleats, and the height of his saddle. They even electronically measured how he sits on the saddle and recommended he changed his saddle – which he did. It worked for him, he took some advice from the experts.
So how does this relate to business and life?
1. When we know something isn’t right, we must take time out to review it.
We need to review the situation, what can we change and what we can’t. Be clear on what you would like to achieve and where we would like to be.
2. Seek the advice of experts.
We don’t know what we don’t know. Seek out an adviser or coach who has the experience and the know-how to help you review your current situation, discuss your options, prepare a plan and help guide you through the journey. It can be a lonely road on your own.
3. We must be willing to listen to the advice and change.
A phrase I often quote is ‘if we do the same things we will achieve results’ which holds true if we are happy with the results and are achieving our goals. However, I regularly meet business owners who have been doing the same things for years and wonder why their business isn’t growing or the situation isn’t improving.
We must listen to the advice and be willing to change. If your business is under-performing or you are struggling to recruit good people, or having difficulty handling a certain situation, then seek out some support. Listen to the advice and try something different – not only will you be comforted by the fact that you have tried, but you might also be pleasantly surprised with the results.
Remember, my friend Paul sought some advice, listened to the recommendations and changed a few things. The changes weren’t huge but they definitely helped – he is now a lot faster and stronger than he was, and is ahead of me. I will certainly be having a bike fit in the next few weeks.
Maybe you could be achieving a lot more in your life, or elevating your business to the next level by recognising the need to seek some assistance from a trusted advisor, listening to the advice and be willing to change.
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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 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 around 12 to 18 months from initial preparation to completion, although some transactions may be quicker or take longer. The timeline depends on business readiness, buyer demand, deal complexity, due diligence and how quickly the legal terms can be agreed.
Preparing accurate financial information and organising key documents in advance can help reduce avoidable delays. Read our complete business sale timeline to understand 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, its future growth is clear and you are not under pressure to complete a sale. Buyers are generally more attracted to businesses with rising or stable profits, reliable financial information and credible opportunities for further growth.
Business owners are often in a stronger position 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 the owner
- There is a capable management team in place
- The owner has started preparing well in advance
Market conditions can also affect buyer appetite and valuation. Factors such as sector growth, access to finance and competition between buyers may support stronger deal activity, but preparation and business performance are usually more important than trying to identify a perfect month to sell.
Ultimately, the best time to sell is when both you and the business are ready, and the company can demonstrate sustainable performance and future value to potential buyers.
Use our Exit Readiness Tool to assess how prepared your business is, or read our guide on when to sell your business for further guidance.
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.