Attracting a buyer for your business is not just about financial performance.
Yes, your business will be more attractive if it is profitable. It will be more attractive again if those profits have been sustained over a number of years.
But there is an underlying element in a buyers mind that is not always articulated but which does have an impact on their decision to buy your business or somebody else’s business. It’s also about financial records and how they are presented.
In this third and final instalment of this series of articles, we look at the help you will need during a business sale. Of course you don’t have to use any professionals at all, you could do the legal, accounting, due diligence, TUPE and everything else yourself. Indeed, a lot of people have tried this already. But by using professionals you get the best experience you can pay for, the deal concludes much more quickly and you are still able
In our previous post we looked at the factors that a buyer will want to see when looking to purchase a business. Get those sorted, and your business sale will attract more interest.
Technicalities of a business
Once past the initial interest, buyers will look at the details or technical hurdles they will expect you to get over before you reach the sale finish line. Fail to satisfy a buyer on these technicalities, and each could stop a sale in its tracks.
Deciding when to sell your business could be prompted my a number of factors.
The market may be telling you it’s the right time.
You’ve lost interest in the business, or lost the excitement.
Your business relationships with fellow directors have broken down.
You’re just plain ready to retire.
The six million dollar question is when should you actually start planning your sale.
This first of 3 articles, we look at the factors that will trigger you planning activity.
What will the buyer want?
For small business owners, making staff redundant can be unavoidable necessity.
There are many valid reasons why a redundancy programme should begin, and it is crucial for both staff and business owners that the process is handled correctly and compassionately.
Gareth Matthews of MLP Law have a great article on their blog this week looking at the following points in greater detail.
1. How do I know if there is a redundancy situation within my business?