Thinking of Selling Your Business?

Thinking of selling your business? Join us for our workshop on October 15th from 11:00 AM to 12:30 PM to gain expert insights into the entire process. Here’s a sneak peek at some of the key topics we’ll cover.

The importance of a valuation- understand your business value

• Get a Business Valuation: Understanding its market value is key to setting realistic expectations. It can form the basis of future plans, expansion and lending.
• Analyse Assets and Liabilities: Include both tangible (inventory, property) and intangible assets (brand reputation, customer base, goodwill) in the valuation.
• Consider Profitability Trends: Make sure your financial statements are in order and accurately reflect your business’s health. If there are gaps in your paperwork and knowledge of your business, it can create uncertainty with any potential buyer.

Prepare your business for sale

• Accounts: Ensure that accounts are up to date. Waiting for the latest accounts from last financial year is not a good look when trying to sell your business.
• Clean Up Financials: Organise financial records and ensure all tax filings are up to date. Transparent financials make the business more appealing.
• Gathering the necessary documents: Any potential buyer will need to know specifics about your business as part of due diligence when buying. Put everything you believe is important into one folder that can be shared once the negotiations have become more established.
• Solidify contacts/relationships: If you have a verbal agreement or contract with a customer or supplier, write it down and confirm with the other party.

Timing

• Sell When the Business is Thriving: Buyers are more attracted to businesses showing growth potential. Avoid selling during a downturn unless it’s part of a planned strategy.
• Market Timing: Consider industry trends and the economic climate. We do not believe that there is a preferred season in which you sell.

Succession planning

• Any buyer will want to see that they can step in on day one and continue running the business. This will mean that as an owner manager you will have to demonstrate that the business runs smoothly without you. That is not to say without your role, but without you as a person.

To learn more about selling your business come along to our Thinking of Selling Your Business workshop on October 15th.

At JS Reakes, we tailor our services to your requirements. Our expertise comes with over 30 years of experience in commercial property. We are based in Bristol and cover Wales and the Southwest. Email us at office@jsreakes.co.uk to get in touch!

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