There are many reasons to consider trying to sell your business – you want to retire, try something new, you have made a big success of it and want to realise its worth or, on the more negative side, you have fallen out with your fellow partners/ directors or you lack the knowledge/impetus to continue and would be better letting someone else take over.
For whatever reason you wish to sell, once a buyer is found there is a considerable amount of information to make available to them and being prepared in advance takes away much of the stress at the time. At the least, you may need to provide the following:
• Details of your contracts – both those with your customers and those from your suppliers.
• Employees – when a business is sold the employees status is preserved by statute. Whilst their boss may change, nothing else does.
• Accounts – at least three years. These should give the buyer a picture of the business – its profitability (or otherwise), and its consistency over time.
• Assets – just what does the business own?
• Your plans for the future – will you become a competitor? or are you wishing to get as far away as possible?
• Business property – will you keep it or let it to the new business owner?
The above are a few of the main points to consider when selling a business. You should consult your legal adviser at the earliest opportunity to assist not only with the preparation of sale agreements but also to advise you on your negotiations with the buyer.
Turn to Poole Townsend when you are considering selling your business. Call the Commercial Property team on: (01229) 811811. Your first appointment is always FREE and without obligation.
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