What To Consider Looking To Sell Your Business

Brought to you by our friends at Jobsons Solicitors

As the economy continues to slowly repair itself, the good news for businesses everywhere is that at last the appetites of buyers is beginning to re-awaken. From sales and purchases to shares and assets, selling your business is a little more than simply finding the right buyer.

Whether you are looking to retire, create some business capital, or even looking to embark on a whole new business venture, the reasons for selling your business are as varied as the options ahead of you. Recruiting the services of a specialist business law advice solicitors will ensure that you know exactly how to go about selling your business.

Finding The Right Buyer

Selling a business is all about looking at the options in front of you, and working closely with every party involved to ensure that the most profitable and legally secure process can be made. From internal structures and employment to external relationships and outsources

Some businesses are started up with the view to eventually being sold on, grooming a business for sale from the word go. Others require a more personal and involved touch as you look to make your business as attractive to your potential buyers.

So How Do You Prepare Your Business For Sale?

Accounts

It’s imperative that your accounts do not only add up, but show great promise for the future as this is what will interest your buyers. These indicators can last upwards of six months as you look to create an attractive proposition. Remember to look to emphasise your earnings as well as highlighting exceptional items such as capital investment, relocation costs, and operational costs to give a fair account of your businesses long term profitability.

Strategy

Your business strategy should never be compromised. Keep focused on sales, profits and margins running your business as you have been. Make sure that you communicate your intentions and vision for the business, looking at everything from internal management and structuring to cost cutting and operations. Remember your business needs to be a well-oiled, finely tuned machine!

HR

Relationships with clients and employees are integral assets to any business. From crucial everyday management to logistical solutions, you want to know that your team share your ‘vision’. You may be requested to oversee transitions, which can enhance your businesses appeal. Having a capable and determined management team in place will create a trusted and alluring bedrock for your potential buyers.

Legalities

Legal procedures will always be conducted and investigated before the sale process begins. Your contracts, relationships and standards should be watertight and clearly traceable. Recruiting a solicitor to draw up standardisations and documents will enhance the appeal of your business to buyers and ensure there are no legal issues that could potentially harm your sale.

It’s important to address every aspect of your business, reviewing and overlooking every piece of the puzzle, to make your business attractive to buyers. A qualified and specialist business solicitor will help guide and advise you where necessary and help in the assessment of your business.

Phil Warrington writes on what to expect when looking to sell your business as well as what potential buyers will be paying close attention to. For trusted legal advice, he recommends Jobsons Solicitors; specialists business law advisors with and abundance of trusted experience and expertise. 

August 28, 2013 · Tim Kevan · Comments Closed
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