So, you’ve made the difficult decision to sell your business. Now comes the hard part. Selling your business isn’t as simple as putting up a ‘for sale’ sign. It takes time, money and patience. In the best scenario, it should take a few years of preparation before you begin to sell it. This is to ensure the best possible outcome for you, your business and your employees. And if you want the best possible outcome, then you need to ask for help.
Ensuring your business is ready for sale is not a one-person process. Instead, outsourcing and gaining advice from people who are experts in their fields will ensure that everything runs smoothly, has been done correctly in regard to the law, and everything has been accounted for. We at Brainiact have helped many clients prepare to sell their business, so we understand just how stressful it can be. Through our subscriptions models we also can offer you exclusive corporate rates with our Partner companies, making the process simple, cost-effective and smooth.
Here are our top three tips and recommendations for when you are preparing to sell your business.
- Money, money, money
When it comes to selling your business, you’ll find money and numbers are what is important. Valuing your business, considering taxation and ensuring all of your financial documentation is in order, is one of the most difficult yet important components. If you get any of these aspects wrong, there can be large consequences for you in the future.
We recommend that you outsource advice and consultancy from financial services. People who really know what they’re doing, not just guessing. Selecting the right financial business to help you in such a stressful time is important. You want them to be fighting for you, not against you. Some of the financial and accounting firms that we have worked with before and truly trust include, Definitive Wealth Management and Bell Partners. These businesses are loyal and passionate about helping each and every one of their clients, making them the perfect fit for anyone selling their business.
- Pack everything up correctly
Before you sell your business, or even advertise it, you need to ensure that you’ve created systems that will ensure a smooth transition and that make it more desirable to buy. By installing correct business practices, your business will be much more marketable. And if your business is marketable, it can be sold for a lot more money.
Engage in a marketing team to learn exactly what needs to be done before you advertise. These can be marketing agencies such as Men at Work Agency and Pearman Media. These successful and large media agencies can provide you with the best advice possible and can help you in developing a marketing strategy. If you don’t quite have the budget for a large marketing agency then consider us at Brainiact, where we work on a monthly subscription system, that is personalised and tailored to each and every business. Once you’ve gained the right marketing advice you can begin improving your businesses processes to make them more advantageous for potential buyers.
To figure out just what you need to do to change, hiring people who can look over and check your business from all angles, without bias, is fundamental. Avoiding groupthink and becoming blind to potential issues in your business could cost you. Businesses such as Inspire Small Business, the Daily Press Group, or The Outperformer can check over the health and performance of your business and provide expert recommendations to help you make the selling process easier and more profitable.
- Negotiate like a pro (or hire one)
Negotiating and finalising deals aren’t only stressful, as you want to make sure you’re doing everything correctly, but also difficult in terms of the law. Yes, that’s right the L-A-W. Pretty scary right? I mean we wouldn’t worry too much about breaking the law but ensuring that everything is above board and done correctly is really important!
It’s important for you, the future of your business and the success of your next ventures. Always engage with a lawyer or law firm when trying to sell your business. Keep them in the loop and use them to your advantage. They didn’t study for four years for nothing!
Selecting your lawyer can be nerve wracking as you want them to help you, give you advice that’s in your best interests, and be able to support your needs. And let us tell you, not all lawyers are as good as each other. But we do know a law firm where all the staff are specialists in their chosen fields and can definitely help you make sense of the selling process; Marsdens Law Group. They are the best in the business and can help you successfully sell your business, with little fuss on your end.
Feeling scared yet? Well don’t! Yes, the selling of a business can be a confusing and big project but by outsourcing and asking for help everything can be done smoothly and easily. It’ll be a long process, but we know you have what it takes to follow through with it.
If you want additional help, advice or marketing tips then check us out today. By becoming a member with Brainiact you also will gain exclusive corporate rates with unrivalled businesses that can make the selling process that much easier (and cheaper). Good luck and we hope we can help!