When you think of selling your business, you probably experience several emotions instantaneously, ranging from ‘I couldn’t sell my business, it’s my baby’ to ‘imagine all that disposable time and money I would have’. No matter what, selling up is a big decision that should be carefully considered and as we like to do things by the book, we thought we’d share our ultimate guide to selling a business.
Hiring a Business Mortgage Advisor
Firstly, let’s talk professionals, are they necessary? If you’re looking for a smooth process then yes because they will play a vital role. A business mortgage advisor will assist with paperwork, general emails, the dealings with the solicitors and the deeds, allowing you to continue with your day to day routine.
Professional business advisors https://www.bcms.com/gb/en-gb have made an infographic about the whole process and it’s definitely worth a look.
Preparation is Everything
If you are a business owner, the idea of selling up and having to organise yourself may be daunting but there are a few things you can try that may help you prepare.
- Make a list – to do lists can be a godsend, effectively organising your thoughts and processes visually so you know where you are up to. This can be done the old-fashioned way with a pen and paper or digitally via a spreadsheet; either way don’t forget the handy check boxes to ensure you know when a task has been boxed off.
- Be proactive – think about the buyer, if you were purchasing what would you want to know, create a series of questions with prepared answers so that if the time comes you have them to hand. Also, consider what can go wrong and think up a contingency plan for all stakeholders, the last thing you want is to let yourself, employees, shareholders and your family down due to a lack of preparation.
- Expect an influx of paperwork – when you have to sign almost one hundred documents it can become monotonous and you may not have time to read all the paperwork. At this point, make a note of all the paperwork you expect to receive and the key areas of importance such as staffing and monetary matters.
Know Your Buyer
Finally, know your buyer this may be vitally important depending on your post-sale plans. If you’re planning to stay on as a director or shareholder having a positive rapport with the purchaser will be highly important. Alternatively, if you are looking to sell in order to enter new markets or gain access to vital criteria you must ensure the business can fulfil the required needs.
Whether staying or going, selling your business means it’s time for a new adventure and this is why you should ensure it’s as smooth a process as possible.