01254 828 300 
- Financial Documents.
Make sure that your financial documents are up-to-date and as accurate as possible. Inaccuracies may eventually become apparent to a buyer and may land you in hot water. Even if the books show poor figures, some buyers will be attracted to the potential in growing the business. Nevertheless, try to make your accounts as strong as possible – clean up the balance sheet and improve efficiencies.
- Do not attempt to sell the business yourself.
In order to carry out the sale properly and thoroughly, enlist the help of solicitors and accountants. Buyers can take advantage of sellers acting alone and, in any event, you want to ensure you protect yourself throughout the sale process.
- Value your business before negotiations begin.
Starting the potential sale process with buyers when the price is pitched at the wrong level will make it nearly impossible to increase the sale price later down the line. Engaging accountants early on will place you in a knowledgeable position going forward.
- Ensure you are realistic about the sale price.
Smaller business owners often subjectively value their business at inflated prices as a result of the personal time and effort they have put into their business. This ties in with the point above – make use of professional assistance.
- Confidential
Keep the business sale confidential from parties such as employees, customers and suppliers. This will prevent issues arising, for example, negative attitudes from employees concerned about management and ethos changing.
- Outstanding Problems
Make sure that any outstanding problems in the business are tied up prior to entering the sale process. For example, if you are experiencing difficulties with a certain customer, try to resolve the issues prior to disclosing and discussing customer contracts with potential buyers.
- Expect to answer a lot of questions.
Buyers will have professional assistance – just like you should. Their solicitors and accountants will want to protect them just as much as your advisors want to protect you. Expect in-depth queries – referred to as ‘due diligence’ – on topics such as financial accounts and be prepared to provide detailed answers.