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How to sell a business

Posted by Matt Trinder on February 15, 2022

The time has come to sell your business; you’ve built up a successful business and now you feel it is time to move on. Whether you are looking for the capital for another investment or just want to retire or move on to something completely new, this article will help guide you through the steps you need to take and hopefully answer any questions you may have.

Firstly you will need to put your business on the market. You could decide to do this privately without using an agent but that would mean you would be responsible for the advertising, arranging the viewing and the negotiations. But if you do decide to go with a Business Transfer Agency all this will be facilitated on your behalf. You will also be able to be in communication with the agent every step of the way making sure you get exactly what you want to achieve for your business.

If you are selling your business as ready to trade which basically means a buyer can walk in and pick up where you left off, potential buyers will want to know you have up to date accounts, a customer base and enough stock to use while they adjust to the new venture. You may even undertake an option to act as consultant for the first six months after your business has changed hands.

The amount of time it will take to sell your business depends on a variety of factors. If you are looking for a quick sale you can set your business price below other similar businesses on the current market. But if you already have an idea what you are looking to get for the business and have other factors such as strong accounts and high footfall in your location you may want to set the price as above the market rate. This could mean it takes longer to sell your business as more time may be needed to find the right buyer.

I hope you found this information helpful, and do bear in mind life like business is a journey, so make sure you have all the right facts before undertaking the important step of putting your business on the market.

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