| Once the decision has been taken to sell your | | | | for sale marketplaces online. It literally takes |
| business, it's understandable that you want a quick | | | | minutes to get an advert online, but carelessness |
| and pain free sale. And what better way to get it | | | | could be costly. Sometimes the obvious areas are |
| sold that to make as much noise about it as | | | | easy to avoid in making any catastrophic |
| possible right? Well maybe not. Many businesses | | | | mistakes i.e posting the actual name of your |
| rely on solid client and supplier relationships, so as | | | | business, the exact location, any product, brand or |
| much as you want to move on with your exit | | | | trademark names associated with your business, |
| strategy quickly and efficiently, consider a few | | | | specifying any client names or simply giving too |
| points that may be a stumbling block on your | | | | much detailed information when only the key |
| route to advertising your business for sale. | | | | points will do. |
| If your business relies solely on a client base that | | | | I recall one example when a small design agency |
| has been built up over time, and these | | | | was selling up. They were based in South London, |
| relationships require stability and longevity, it goes | | | | U.K, so there were numerous other businesses in |
| without saying that confidentiality is paramount. | | | | the area and quite honestly, a lot of other similar |
| Imagine the reaction of your clients if they were | | | | companies up for sale on the market. They had |
| to learn that their trusted supplier is about to sell | | | | carefully worded their advert to ensure they |
| up. | | | | sounded attractive to any potential suitors. They |
| Businesses within the service sector must | | | | used terminology such as "100+ blue chip clients", |
| consider any sale very carefully. This applies to | | | | "£250,000+ net profit per annum" and |
| the wording and details of any online and off-line | | | | "Established business for over 15 years with 5+ |
| advertising, whether any company names or | | | | full-time staff". All good points that will attract |
| trademarks should be disclosed and even the | | | | good buyers. |
| location of the business. For example, if your | | | | Unfortunately they made one huge error. With |
| company is very niche orientated and is selling or | | | | their advert they posted an image of the interior |
| supplying a unique offer in a very obscure | | | | of their studio workspace. To any client who had |
| location, it wouldn't take the world's greatest | | | | visited them on a regular basis, it was instantly |
| detective to work out who and what is up for | | | | recognisable. Within two weeks, a client had |
| sale. Think carefully about what you disclose down | | | | spotted this picture and suspected their trusted |
| to the finest detail. | | | | design agency was up for sale. The phone calls |
| Businesses within the retail sector are less likely to | | | | started coming in and it was a very embarrassing |
| have to concern themselves with this issue as | | | | situation. Word spread to other clients and before |
| they rely on regular foot though by the general | | | | they knew it, they were putting out fires! |
| public and don't have that "one-to-one" | | | | One slightly ill-considered decision cost them |
| commitment like many business-to-business | | | | around 10 clients and £50,000 worth of annual |
| operations count on. If you run a fashion outlet or | | | | turnover. It was a huge mistake, which essentially |
| a convenience store, your customers most | | | | cut their annual turnover by 10-20%. One |
| probably wouldn't have any concerns at all if they | | | | seemingly harmless image to try to help attract |
| learned you were selling up. Simply because you | | | | buyers by showing their swanky, contemporary |
| do not have that kind of relationship that service | | | | office space cost them big time. Before they |
| sector businesses expect. | | | | could do anything to stop the spread of rumours, |
| The key areas to consider when selling is that | | | | competitors heard the news and the rumours |
| you give enough information to attract interested | | | | went out of control. This mistake is a common |
| parties to contact you for more information. And | | | | one so as tempting as it is to make your online or |
| if you feel any enquirer is serious and worth | | | | offline business for sale advert attractive by |
| pursuing, have them discuss confidentiality and | | | | adding pictures, videos, download files and client |
| non-disclosure agreements before giving any real | | | | lists, think twice! |
| details. Protecting yourself when disclosing | | | | Remember, your advertisement only needs to |
| information is paramount and no matter how | | | | detail the key facts because any potential buyer |
| keen or eager someone is to learn more about | | | | wants to know just the bare basic facts. The |
| your business, take every measure possible to | | | | type of business on sale, it's general location, size |
| protect yourself and the value of your business. | | | | of operation, turnover and ultimately profit. |
| You don't want word getting out via bad sources | | | | Essentially they need to know if their investment |
| or loose lips. | | | | will make a return so don't get carried away with |
| Whether you have chosen to use a business | | | | the decoration of adding too much detail as it |
| broker or advertise a business for sale yourself, | | | | could cost you so much more than you bargained |
| either way, there is no doubt that your business | | | | for. |
| will be advertised on some of the many business | | | | Good luck with your sale. |