Just as you would if you were selling your house, you want to present your business in its best light to potential purchasers. It is important that all your financials and record keeping are up to date. All the important business processes enable your business to function should be fully documented.
Be Prepared To Tidy Up
Anything within your business that has been neglected as you pursued growth should now be given your full focus to bring it up to scratch. The good news is that this will make selling easier and will ultimately likely increase the value of your business.
Once you have highlighted the areas that can be improved you need to create a pre sale improvement plan to address the weaknesses. This doesn’t have to necessarily be a long improvement process. Typically we find that most business owners can achieve the required changes within four weeks.
Organise All Your Paperwork
Locate all of the official paperwork you have collected such as licenses, incorporation papers, leases, contracts anything else that will add to your valuation assessment. Ensure that all paperwork is available and up to date.
The more relevant figures and documents you can provide, the more information you can include in your advertisements and communications with potential buyers.
Prepare Your Team
You will need a team of professionals to assist you with your sale and ensure that you are legally covered. First of all you will need to appoint a business transfer agent to provide you with a valuation, advertise your business for sale and to handle the communications between you and the buyer. Accountants and solicitors will also be required to assist you with the legal and financial aspects of the sale.
Keep Your Sale as Quiet As Possible
Only share your sale plans with key stakeholders in your business only when necessary. You could consider sharing you sale plans with your key staff and external consultants only if they agree to sign a non disclosure or confidentiality agreement. If word of your sale was to get out then you could jeopardise the sale value of your business as the news creates uncertainty. At Intelligent Business Transfer, we always work with our clients to ensure that all sales are handled with care and that communications remain discreet.
You can view our sell a business page for further information on the process of selling a business or book a free valuation meeting with one of our consultants for a no obligation business valuation.