Suggestions when selling your business
Prepare well-ahead of your desired retirement or selling date: in the years prior to selling, fix any loose ends (e.g., ensure permits are still valid) and deliver a demonstrable, positive financial performance. After launching the sale process (e.g., publishing your advertisement), the sale process is still likely to take several months until signing
Appoint an experienced professional to support your business’ sale, who should support you to:
Create a detailed business profile (e.g., describing market and products, machinery and employees)
Outline expected financial performance for the buyer, including any adjustments (e.g., potentially adjusting owner’s salary)
Establish a realistic valuation taking into consideration your business’ features and financial performance
Actively market your business with known potential buyers
Potentially reach out to other professionals if required (e.g., lawyer for legal and/or tax implications)
Provide guidance on warranties and indemnities provided to the seller
Keeping matters confidential avoids creating pressure on employees, destabilizing suppliers and/or customers
When discussing with potential buyers, be objective and truthful in the information you provide, including the reasons you are selling your business. If there are problems, you should mention them but you could present them with possible solutions.
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