For many business owners, the sale of thebusiness – the “exit” – is the end goal. Building the business up over years tothen sell it and either retire comfortably or move on to the next ambitiousproject is what drives a lot of entrepreneurs. If you’ve worked hard to buildthe business, then the payoff can be significant.

There is a lot involved in selling abusiness, and for this reason it’s a good idea to engage business purchase solicitors early in thenegotiations or transaction. They will work with you to understand yourbusiness and objectives as well as to ensure that the terms and transactionachieves those objectives. However, some of the key things that you’ll need tokeep in mind include:

1)     Make sure all the financialrecords are up to date and as correct as possible. Typically, the individual orgroup looking to buy your business will want to see a full set of accounts ofthe past three to five years.

2)     Formalising all your assets.Trademarking the business name and logo, as well as any other key assets orpieces of collateral, can add to the value of the sale. As can patents and anyother IP you might have ownership of. Entering into formal contracts with yourbest clients, key employees and suppliers can also bring value by increasingcertainty that the business will continue to perform after the sale.

3)     Make sure your social media andweb presence are up to date. Most modern buyers will want to see some kind ofevidence that you’re engaged in digital media in some way. Having an audienceadds to the perceived brand value of the business.

4)     Update the lease on anyproperty. The new owners will appreciate being able to come in and take overthe company without the potential re-negotiations or premises move hanging overtheir head. This is particularly important for retail businesses such asrestaurants and café which rely on the location of the premises. Remember, oneof the things that you really want to do is make the transfer of the businessas easy as possible.

5)     Get a buyer’s information packready. This should include information on employees and their job roles, thecompetitive landscape and SWOT analysis on both your business and your rivals, listof plant and equipment, what is included in the sale, and testimonials andother advocacy for your brand. It’s important that you are honest with thisinformation up-front, because if a potential buyer starts noticing discrepanciesand isn’t sure about details of your business, then the sale negotiationbecomes that much more challenging.

How business purchase solicitors help

Finding the right business purchase solicitors is essentialfor ensuring that the transaction goes through smoothly, protecting yourinterests while not being overzealous in the business sale. By taking the timeto get to know your business and operation, your solicitors will help walk youthrough sale process, what to beware off and how to present the business in themost effective way for your prospective buyer.

Additionally, we will help you draw up andreview the contract and ensure that you’re happy with the way that the negotiationsare going. Even with the sale of a small business, the potential nuances andliabilities in the sale contract can be significant, so a critical role that business purchase solicitorsundertake is ensuring that you’re getting the terms from the sale that youexpected to.

Finally, we will then help you to finalisethe transaction and ensure that the exchange happens seamlessly.

The sooner you get us involved asyour business purchasesolicitors, the deeper we can dive into your business and help you toderive the best value from the sale possible. Contract us today!

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