Selling your business can be an emotional process, so you want it to be as stress free as possible. It takes patience and organisation to complete the steps required.
This article will help you stay on top of all the important steps, and the infographic below includes lots of important things you need to consider to help you #SellSavvy.
Why Are You Selling?
Before you start the process of selling your business, you need to consider why you’re selling it. The reason might help you to sell it faster, or to aim the business at a certain type of seller.
Are you wanting to set up a new venture, or do you feel the business has outgrown you? You might simply want to retire and pass the business on to someone else.
Thinking through the reasons you’re selling will ensure that it isn’t a rash or unwanted decision.
Think about Time Scale
It isn’t just a case of finding a buyer, signing some documents and handing it over. The process is more complicated than that, so think about what time you’ve got to dedicate to the process.
If you’re going away next week for a month, then it will be more beneficial to start the process when you get back. Three months is the recommended amount of time to complete.
Things to Consider
So you’ve decided to go ahead and sell your business. There are some things you need to do next. You should:
- Identify the business’ selling point which will encourage new buyers.
- Do some market research to gain insightful knowledge about the industry.
- Recruit an expert to help with legal advice. The process can become confusing if you’re doing it for the first time.
- Organise all your paperwork, such as deeds, intellectual property, and contracts.
- Stay focused and remember that what you’re doing is to your benefit.
If you’re still worried, you can hire professionals, like BCMS, who will help you sell your business.
Once you’ve sold your business, you can ask to remain a crucial part of the running of it. This takes the stress of you as you become a non-business owner, but it also ensures that you could still get a say in the running of it.
This might be beneficial to the new buyer as well, who may prefer to have someone there that knows everything about the business already, and knows how any hardware or software works.
This infographic contains more information to help you through the decision: