By Margaret Mitchell, Surveyor, Business Sales & Valuation

When it comes to selling your business it may feel like you’re selling one of the family. Most business owners have put blood, sweat and tears in to getting their business where it is today and the thought of moving on or entrusting it to someone else can be daunting.  There are many times in a business owner’s life that selling has to be done whether this be through retirement, divorce or simply time to try something new. No matter what the circumstances, here are a few things that will make the process smoother.

Accounts

Fundamental to you and any prospective purchaser is the profitability of your business. Interested parties, agents and Valuers will request the last three years full accounts for the business and it is therefore important to have the most up-to-date data readily available.
Not only it is vital to choose the right team to support you through the sale of your business, the correct accountant is a necessity too. Your accountant should know your business and specialise in your sector as this will provide comfort to any potential purchaser that the business has been run in a competent fashion.
It is also beneficial to have a solid long term business plan to help guide a prospective purchasers mind towards the future possibilities of your business.

Paperwork

It is also important to make sure that all paperwork is up to date, for example have you considered how, if any, licences would be transferred? Are there any works carried out to the property which may require retrospective planning consent? Do you have a current EPC?
Small things, like these, that may seem inconsequential at the time can lead to substantial delays and problems down the line giving prospective purchasers more opportunity to chip away at price or walk away entirely from a deal.
If it is a leasehold property it would be worthwhile speaking to the landlord and explaining your wishes to sell. Additionally, it is beneficial to find out if the landlord would be willing to extend the lease for any prospective purchaser prior to marketing.

The right team to support you

DM Hall’s Business Sales team are fully aware of the sensitivities around selling a business and how personal the process is to you. It can be difficult to separate heart from head, however, our professional and approachable team are happy to discuss what assistance we can offer to ensure that your business is sold efficiently and effectively. Even if you are not thinking about selling in the short term we are happy to discuss long term opportunities and exit strategies.

DM Hall also boast market leading teams specialising in Legal Searches & Property Services, Building Surveying, Planning & Development and Energy ensuring the best outcome for you. For any enquiries, please contact our team at any time to discuss your needs.