Can’t See the Woods for the Trees – The Value of Good, Independent Advice
“You can’t see the woods for the trees,” is a saying as old as… well as old as sayings probably, but the first written record of it dates back to 1533 in a book by Thomas More – ‘The Confutation of Tyndale’s Answer’. We have a small group of trees at the back of our house and, at this time of year, they are so thick with branches and leaves, it’s hard to distinguish where one tree ends, and another begins.
Owner-managed SMEs can be very much like this. For most business owners, the idea of a job description or clearly defined roles and responsibilities is somewhat fanciful. Everything is your responsibility and every detail is thought through.
But as a successful business owner, you will also have learned the value of good advice! You will have surrounded yourself with subject-matter experts to help you navigate the more complex issues – accounting, contracts and HR. Growth and sale are key areas where good advice may prove invaluable.
Growth… ‘But I know how to grow my business’
You know what it takes to grow a business; if you didn’t you wouldn’t be where you are today. But what most business owners lack is not knowledge and skills, what they lack is time and perspective. You focus so hard on doing what you do – the trees – that you simply can’t see the wider landscape and potential opportunities around you – the woods.
“Having worked with Entrepreneurs Hub for nearly a year, it is not surprising that they succeed where their competitors struggle. They really realise best value, and over deliver support to achieve this. Great team, great ethos, uncompromising ethics. Exactly the ingredients needed by business owners, who have built their business with smart decisions, then exiting should also be a smart choice.”
If your succession/exit strategy is to sell your business at some point in the future, then we would encourage you select an adviser who specialises in growth for exit and proactively selling businesses.
Sale… ‘But I already have advisers’
Whatever your journey through business, I am pretty certain you will have relationships with a range of advisers who are close to your business and understand it inside and out. But ask yourself these two questions – is their core skill in selling businesses? Are they also too close to the business that they will also find it hard to see the woods?
“I am delighted to be celebrating with my family. My business has been acquired by RSK Ltd, an outstanding group that will create an environment that will allow my business to flourish. I would like to genuinely thank Entrepreneurs Hub (EH) for taking me through the process every step of the way and introducing me to RSK. The process can be demanding at times and EH were always on hand to advise through to completion. Remarkably, despite Covid, together we successfully concluded the acquisition of my business and I can’t thank EH and all involved enough!” Chris Miller-Hanna
So, it makes sense to get good, independent advice from a third-party when you are trying to boost growth and/or sell your business. But how do you know that you are getting good advice? Trust your instincts! They must be good, or you wouldn’t be where you are now.
Let’s be honest, everyone will tell a broadly similar story in relation to how good they are, what award they won, or what accreditation they have. The most important thing is – how are they performing with their existing clients? – ask for references, speak to their current clients.
Also, any adviser worth their salt will offer a no-obligation review or assessment of your business and some preliminary feedback. This will give you a good feel for how you gel with the individuals advising you. Trust, after all, is the most important thing in a relationship like this – advice is only as good as your willingness to implement it.
All quotes and those below were received within 2 weeks of writing
‘”At that time, I was talking with a number of other potential advisors (mainly parts of accounting firms) who were all trying to act on our behalf. To be quite honest, they could not even sell themselves, so I was not impressed and was worried that they could not really represent our business to prospective buyers. Then you came through the door, a breathe of fresh air. With a much more confident sales and marketing approach and immediately I was impressed.”
“Thank you, X for all the support on the accounting side of the negotiations. It is a different kind of accounting from anything XX and X have ever had to deal with and we couldn’t have done it without you. Please pass on our thanks to everyone at EH who has been involved and to your families also, for putting up with all the interruptions to their lives in the evenings, weekends and even holidays that this complicated deal has caused.”
If you would like to talk to Entrepreneurs Hub about growing your business, preparing and selling your business, or both, drop us a line and we would be happy to arrange a no obligation review.
Call us in confidence at anytime on 0845 0678 678 – alternatively send us your details and we will contact you – click here
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 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.