Top Tips When Preparing To Sell Your Business

06/04/2024

09/07/2022

10 Understand your position in the market
Getting a business valuation is a crucial first step, but it’s no guarantee that you’ll actually receive the quoted amount in reality. A number of interrelated factors will affect the final selling price of your company: the macroeconomic business climate, recent deals in your industry, the activities and valuations of your competitors, and much more.

09/07/2022

9 Know the worth of your business
Like any other valuable asset—your house, your car—it’s very important to have a rough idea of how much your company is worth, well before you put it on the market. Do your research to find recent comparable sales (“comps”) for businesses of the same size and industry.

09/07/2022

8 Selling your business is no exception to this rule. Not only is it essential that you get it right first time, but covering all your bases and ensuring every ‘I’ is dotted, and every ‘T’ crossed is near enough impossible if you are not backed by years of experience in this complex and highly specialised area.

09/07/2022

7 Call Upon Legal Expertise At Every Step
Anyone who owns a business, or has done at some stage, will know that there are plenty of situations and undertakings which cannot be managed effectively without sound legal advice from trusted corporate solicitors.

09/07/2022

6 Prepare For Paperwork
Agreements, warranties, indemnities letters, minutes and covenants all need to be written, revised, rewritten and signed before a business can be officially sold onto a new owner. Any number of seemingly small discrepancies or mistakes can cause major interruptions to the process – or even strained relationships between you and the buyer – so prioritising the paperwork, and ensuring that it is sound is vital.