| Does it seem like it is impossible to sell your | | | | If you have a full book of contacts who are |
| business? Or, maybe hanging on to it just doesn't | | | | looking for a business for sale, you may not need |
| sound like a good idea to you at the moment? | | | | a business broker. After all, why give away a |
| After all, you can hold on to the business for | | | | percentage of the sales proceeds when you can |
| another year, right? I was just like you. I had a | | | | find a buyer yourself? But if you do not have any |
| small business that wouldn't sell. So, I talked to as | | | | buyers in mind, or if you would like to approach |
| many brokers and read as much as possible | | | | the market confidentially, a business broker could |
| about selling small business's and this was my plan | | | | be worth considering. |
| for a successful sale. | | | | Step No 3 - Surviving due diligence |
| Preparing your business for sale takes more than | | | | The buyer needs to verify that all the details |
| putting an advert in the window. Follow these | | | | connected with your business are as they should |
| steps to get the best possible price for your | | | | be. He will ask questions and request copies of |
| company, and ensure that the sale goes through | | | | documents. This is a normal part of the due |
| smoothly. | | | | diligence that any prudent buyer should perform. |
| Step No 1 - Preparation | | | | As long as you have his undertaking to keep the |
| This is the most important step in the sequence, | | | | information confidential, you should be as helpful |
| and perhaps the most difficult. After all, you need | | | | as possible in providing documents, to push this |
| to view your business impartially, warts and all. If | | | | stage of the deal along. |
| the shop floor or office is looking shabby, that is | | | | Step No 4 - Negotiation |
| the first impression buyers will have of your | | | | Even if negotiation is a skill that comes easily to |
| business. Decorating and tidying up are duties that | | | | you, agreeing a satisfactory price will be stressful, |
| anyone with a business for sale should prioritise. | | | | and perhaps even emotional. The business for sale |
| Next, look at the accounts. Is there anything that | | | | represents years of your hard work; so adopting |
| cannot be explained immediately? Writing off bad | | | | a reasonable, approachable but firm demeanour |
| debts shows that you are being realistic about the | | | | will ensure that you get an acceptable deal. |
| true state of the business' affairs, and getting | | | | Step No 5 - Completion! |
| shareholder loans repaid removes any suggestion | | | | So the ink's dry on the documents and the |
| of improper or unwise dealings with related | | | | money is in the bank. You no longer have a |
| parties. | | | | business for sale, so you can relax, right? |
| Now may also be the time to seek professional | | | | Generally, yes; although make sure that you |
| advice on any outstanding legal or financial issues | | | | comply with any post-completion restrictions, like |
| with your solicitor or accountant. | | | | refraining from carrying out a business nearby |
| Step No 2 - Do you need help? | | | | with a similar name. |