Thinking of Selling your business? Read this first
Jan 19, 2018
If you have made the decision to sell your business, early preparation is recommended.
If you have made the decision to sell your business, early preparation is recommended.
If you have made the decision to sell your business, early preparation is recommended. This should give you a clear picture of exactly where you are and provide the opportunity to get your records in good order. The more prepared you are, the easier the process will be. You will also want to take advice from business sales tax specialist. This may be your accountant.
It is helpful to prepare an information pack. To do this you will need to gather all your financial statements and tax documents together, going back 3 years minimum and review them with your accountant. Make sure your finances are all up to date. List your suppliers and everyone you do business with and have a copy of your current lease available. If equipment will be included in the sale, list this as well. A buyer will carry out due diligence and you will be ready with the information. Your solicitor will also need this information to deal with any enquiries and advise on warranties and disclosure.
Here are some points to consider (these vary with the type of sale): –
Do you have sole authority to sell?
What are the assets of the company?
Confidentiality?
What contracts is your company currently a party to?
What are your company property arrangements?
Have you considered Intellectual property rights? (patents, trademarks, copyrights, designs)
What about employees?
If you would like to talk to Keith about business sales and purchases, you can contact him at:
T: 01756 700200
It is worth investing time and effort to ensure that your business is presented as attractively as possible before you start to market it to potential purchasers.
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