Is now a good time to sell my business?

QAI have reached the age of 60 and had always intended selling my business in the next few years. I have no obvious successor or buyer. Is now a good time to sell and how should I go about it? ALTHOUGH I don’t know the size of your business or the sector in which it operates, there are a few fundamentals that apply to all owners in your situation.

You are right to be thinking ahead; this is the culmination of what may be your life’s work and, having advised many business owners myself, I know it needs preparation so you can choose your timing.

Not only will you have personal considerations, you will want to achieve the best price and this is affected by the marketplace.

Although there is some uncertainty post-Brexit, the stock market has achieved record highs (helped by the weak pound) and so now is a good time to plan your own exit.

You need to give yourself time and most buyers – whether UK or overseas – will pay an enhanced price if they have the assurance you will stay and help the transfer process post-sale.

You need to consider your price and retirement expectations. If you have any “skeletons in the cupboard’” they need to be tidied up and now is the time to concentrate on the sustainability of your profits.

You will need good advice on this – on potential buyers, how to structure any sale and the legal and tax aspects. Confidentiality is very important.

I’d be happy to advise you on your specific circumstances. It is a big step.