{"id":120868,"date":"2018-03-21T15:40:42","date_gmt":"2018-03-21T15:40:42","guid":{"rendered":"http:\/\/chrisw92.sg-host.com\/?p=120868"},"modified":"2018-10-14T19:09:11","modified_gmt":"2018-10-14T18:09:11","slug":"getting-ready-to-sell-your-business-what-to-prepare","status":"publish","type":"post","link":"https:\/\/realbusiness.co.uk\/getting-ready-to-sell-your-business-what-to-prepare","title":{"rendered":"Getting ready to sell your business: What to prepare"},"content":{"rendered":"
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The question of whether or not to sell a business<\/a> requires the careful consideration of a number of factors. <\/p>\n

Not only is the condition of the business itself of particular importance but as the seller, your own situation will have an impact. <\/p>\n

Whether your motivation is to embrace a new challenge, capitalise on a period of growth, work in a different location or respond to changed life circumstances, it’s vital to have a comprehensive exit strategy.<\/p>\n

Preparing for sale<\/strong><\/p>\n

Making sure your business is fit to sell takes time, and it’s crucial to remain committed until completion. <\/p>\n

Initially, your preparations will be mental ones; you need to be firmly convinced that selling is the right option. Would the capital pay for a new project, investment or your retirement” Are there visions remaining that you’d prefer to see through” <\/p>\n

Once you are satisfied that you’re ready to part with your company, there are several steps to follow:<\/p>\n

?\tGet a professional valuation from someone with the necessary skills and detachment, such as an accountant or business transfer agent (BTA). This will provide you with a rough guide.<\/p>\n

?\tAssess the physical state of your premises, fixtures and fittings, allowing plenty of time to clean, repair and refurbish where necessary. <\/p>\n

An appealing first impression can mean the difference between a potential buyer walking away or staying to find out more.<\/p>\n

?\tMost importantly, put your financial records in order, so that they show your business” performance over a period of at least three years, but preferably as long as five. <\/p>\n

The resulting accounts should be honest, accurate and easy to understand.<\/p>\n

What documentation to present<\/strong><\/p>\n

Word of mouth is all very well for creating a buzz around a business, but a buyer will want facts and figures in writing to support any claims about the company’s state of health. <\/p>\n

The kinds of papers you will need to make available include: accounts, tax records, proof of physical and intellectual assets and loan or debt agreements. <\/p>\n

A full audit can be a worthwhile expense as it could provide the buyer with confidence.<\/p>\n

Depending on the type and size of your establishment, licences or permits will need to be in place and up to date. <\/p>\n

Any contracts with suppliers and\/or clients should continue once you have sold to establish a stable client-base and relationship with suppliers.<\/p>\n

Documented work practices and methods can provide guidance for a new owner and help ensure continuity.<\/p>\n

Including these in your presentation allows prospective buyers to appreciate how streamlined and organised your business is.<\/p>\n

Fine tuning your reputation<\/strong><\/p>\n

A company’s brand image can be one of its most important assets, but like any other asset, it must be maintained. <\/p>\n

Using readily available information such as TripAdvisor or your Google Business ratings, can help you to assess your standing. <\/p>\n

This is only useful if you act on what you gauge from these sources and address any problems that could damage your reputation.<\/p>\n

Creating a positive buzz around your business and its reputation can increase the value of your business significantly and attract the attention of prospective buyers serious about investing in a successful business.<\/p>\n

How self-sufficient is the business?<\/strong><\/p>\n

For the good of your company, your business should be able to function without you at the helm. <\/p>\n

This can be achieved by various means:<\/p>\n

?\tThorough staff training
\n?\tClarity of practices and procedures
\n?\tEfficient delegation
\n?\tProper use of technological solutions<\/p>\n

One way to test this is to take a holiday and remove yourself from the day-to-day running of operations for a considerable period of time; allowing any broken links in the chain to be identified and repaired before attempting a sale.<\/p>\n

Preparing a business for sale should be approached with the same diligence with which you ran it in the first place. <\/p>\n

As with any undertaking, good preparation is the foundation of a successful transaction; both you and your workforce will reap the rewards of your efforts when you secure the right buyer to take the business forward.<\/p>\n","protected":false},"excerpt":{"rendered":"

Not only is the condition of the business itself of particular importance but as the seller, your own situation will have an impact. <\/p>\n","protected":false},"author":25326,"featured_media":120870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[2055,11052],"tags":[5067,10646,10647,2692],"class_list":["post-120868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-any-other-business","category-selling-your-business","tag-buyers","tag-buying-a-business","tag-sellers","tag-selling-a-business"],"views":2516,"_links":{"self":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/120868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/users\/25326"}],"replies":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/comments?post=120868"}],"version-history":[{"count":0,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/120868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media\/120870"}],"wp:attachment":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media?parent=120868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/categories?post=120868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/tags?post=120868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}