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Understand what your business is worth. Engage a qualified accountant or business valuer to provide an objective assessment, factoring in assets, liabilities, revenue, and market conditions.
Ensure all your accounts are up-to-date and accurate. Buyers will expect at least 3 years of financial statements, tax returns, and cash flow records. Clean, transparent books build trust.
Make sure all contracts (employees, suppliers, leases) are in order and transferable. Resolve any legal disputes or compliance issues before going to market.
Before selling, improve profitability where possible, reduce reliance on the owner, and document key processes. A business that runs independently is more valuable.
Sell when the business is performing well and market conditions are favourable. Don’t wait for a downturn, as it may devalue your enterprise.
A good broker or adviser can market your business confidentially, reach more potential buyers, and negotiate better terms. Make sure they’re experienced in your sector.
Not all interest is serious. Qualify buyers to ensure they have the means, intent, and capability to complete the transaction.
Focus on the overall deal structure: payment terms, warranties, earn-outs, and transition period. A lower upfront price with a solid earn-out may be better than a risky lump sum.
Buyers will thoroughly investigate your business. Be ready to provide full documentation and answer questions promptly. Transparency is key.
Consult a tax adviser to structure the sale tax-efficiently (e.g. Entrepreneurs’ Relief – now Business Asset Disposal Relief – can reduce Capital Gains Tax to 10%). Also, think about life after the sale.
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