Everything you need to know about selling your business
Are you considering selling your business? This can be a hugely stressful time, but luckily BCMS has released a hugely helpful infographic to help you out. Here are some top tips to make sure the whole process goes smoothly:
Take your time
Even if you’re not quite ready to sell, there’s no reason why you shouldn’t start prepping early. You’ll need to dedicate a massive amount of time and energy when it comes to selling your business, which s why you’ll want to have at least three months to prepare. This will give you time to remove as many nasty surprises and red flags as possible for your buyer.
When you’re ready to sell, the first thing you’ll need to do is identify the USPs that that would appeal to your ideal buyer. One good way to do this is to do some market research so you can gain some industry intelligence. Now is also the time to consult with a legal expert who can give you advice and help you do your due diligence. Get all of your paperwork together, including agreements, contracts, intellectual property, deeds, and more. Even though you may be getting ready to sell, make sure you continue growing your business since you never know how long it will take.
Choose the right buyer
There are a bunch of reasons why a buyer may want to buy a business that’s already established. Your employees have already been trained, you have an established brand, and you have an existing base of customers. However, it’s important that you feel comfortable with any potential buyers as well. Talk to them, and ensure you have a positive rapport with them. You wouldn’t sell a house without a solicitor, which is why you need an excellent corporate lawyer when you’re selling a business.
Be ready for after the sale
While this is the final part of the process when it comes to selling a business, the planning for this stage is still relevant. Once you’ve exchanged the contracts, you need to know that your future and capital will still be protected. That’s why you should always consult a financial advisor. You also have a few options here. You could choose to remain at the company a mentor or director, use your investment for a new business or venture, or simply retire and enjoy the good life.