The latest infographic from BCMS provides some useful tips when selling a business, to ensure you sell savvy. Here are some key things we took away from this asset:
1. Why are you selling?
Before you even consider speaking to potential buyers, you need to know why you want to sell. This will allow you to consider who the right buyer is for your business. For example if you are retiring from work then you may be happy to just walk away, but what if you still want to be part of the business? You will need to find a buyer who is happy for you to do this, and one who you can work with.
2. Be Prepared
Selling a business is a long process and if you haven’t done it before it can be confusing. Therefore getting a little extra help from mortgages advisors will give the process a kick-start and take some of the pressure off you.
Whether getting professional help or not, at the beginning of the process make a list of the key steps, what they involve, and vital paperwork to make sure you know exactly what you need and when you need it.
3. Understand the Buyer
Be sure to carefully analyse the profile of any buyer, this will put you at a better position to negotiate. Ask yourself these questions: Does this person own any other businesses? How are their other businesses performing? Are they right for your business? Will the staff get along with them?
4. Post Sale
Whether you plan to relax on a beach or take on a new venture, your post sale plan of action is important. You need to ensure you come out of the business with exactly what you need.
For more details, take a look at the infographic below: