Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

When it comes to selling a business, the process goes much deeper than a financial transaction and a signature on a dotted line. It’s about finding the right time, partners, professional expertise and potential acquirers – not just a quick fix to solve a problem.

An entrepreneurial venture is not just an investment in time, money and personal career, it also often creates a significant emotional attachment so it’s important that the owner is selling for the right reasons.

Some of the worst reasons to sell a business include:

The decision to sell a business should be a meticulously considered and well-planned one so to help you decide if the time is right for you, we’ve put together the most common reasons owners decide to sell up.

Retirement calls

Unfortunately, time waits for no man and no matter how dedicated you are to a business, there comes a time when you need to hang your hat up and let somebody else take the reins. This will ensure your business stays on top of its industry and in touch with the modern marketplace.

A brand-new venture

Entrepreneurial spirit often leads to a business owner itching to start up something new once they’ve made a success of their last venture. If you’re in this position and looking to dedicate yourself to a new project, selling your existing business is definitely a viable option.  

The business has become too big

As a business owner, it’s important to put pride and personal investment aside in order to accept your limits. This sometimes means acknowledging when a business had outgrown the skill set of its current management and restructuring the top-line team accordingly.

Stepping down to make way for somebody else with a stronger set of skills or more extensive experience in a particular area can sometimes be conceived as a sign of weakness by those at the top but this certainly isn’t the case.

Cashing in on capital

While there are definitely some people out there who ‘do business’ just for fun, most are in it to make a success of their venture and reap the financial rewards for themselves and future generations. Often, those looking to sell their business are simply wanting to cash in on the hard-earned capital that it will bring them.

An offer that can’t be refused

Sometimes, it’s a simple as that. An offer presents itself from a keen buyer and it’s just too strong a business opportunity to resist.

If you’re considering selling your business or are already in the process of doing so and want some advice regarding your tax obligations and finances, get in touch with one of our trained experts who will be more than happy to help.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.