SME BUSINESS TIPS
TIPS for preparing your business for sale THE process of selling a business can be timeconsuming and emotional for business owners. After heads of terms have been agreed, the due diligence process is the first real insight for many purchasers into the businesses they are to acquire.
Taking preparatory steps in advance of any sale can not only reduce the chances of an agreed sale falling over but may well optimise the amount of the consideration received in the sale.
This week Anna Kerrane, from Weightmans LLP, takes us through her tips for preparing your business for sale
1. Prepare early
Gearing up for sale well in advance can remove time pressures during the sale process which may impact upon the running of the business and you can be ready if an unexpected offer lands, or you experience a sudden change in circumstances. Any sale process will be much smoother when properly planned.
2. Seek advice at an early stage
Professional advice is available to you on the optimal time to sell and the actions you can take to increase the sale price.
Ensure that your advisers are involved in the heads of terms stage as they may have ideas you might not necessarily have thought about.
3. Get your house in order
Purchasers will generally want to know everything about the business. A wellorganised due diligence process will portray how well the business has been run. It could also reduce the scope of the warranties/indemnities you provide and reduce your exposure to a warranty claim.
To read these tips in full, please visit www.SMEClubManchester.com.