Planning to sell your company? Read this post
If you’re considering selling your business, you may be unaware of just how many things you’ll need to do before you can begin advertising. You may be considering selling because you’re retiring, you’re planning a new venture, or you’d like to cash in on your capital and take your spouse on a round-the-world cruise. Maybe someone has offered you a figure that’s too good to refuse, or you no longer have the skillset to keep it growing.
Regardless, it’s important to consider why you’re selling your business, so you can avoid feeling any sense of regret. Even if you’re not considering selling within the next few months, but you think it may be part of your future plans it’s a good idea to begin preparing.
The first step is to identify your unique selling proposition. Why would someone want to buy your company? This could involve doing some market research to see who your main competitors are, and how you stack up in comparison.
Now is also the time to contact an expert who can help you with your due diligence and give you the legal advice you need to avoid any sudden surprises. Before you even think about advertising, make sure you’ve got everything you could possibly need to sell your company, including any agreements, contracts, intellectual property, and deeds.
It can be tempting to take your foot off the gas if you’re thinking about selling, but this is a big mistake. Make sure you stay focused on growing your business and continue running it as if you’re not planning to sell. No one will want to buy a company that seems to be stagnating or going backwards.
When you’re ready to sell, it’s time to look for the right buyer. Be sure to be flexible here, but also be ready to negotiate. Take the time to get to know the buyer so you can build up a sense of trust and a personal rapport. And don’t forget to use an experienced lawyer from BCMS to make sure you’re getting the best deal possible and ensuring everything is completed correctly.
Once the business is sold, your job isn’t yet done. You’ll need to get your post-sale planning completed from the start. Once you’ve exchanged contracts, you need to make sure that your future and capital is protected. Even though you’ve sold your business, you can still be involved. You may want to be a director for the company, set up a direct investment or ISA, or start a new investor. Or, you may simply want to go lie on a beach for a while and enjoy a well-earned break from work.