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When the time finally comes to pack up and sell your business, you might find it difficult to sever the emotional connection your probably feel to all of your hard work. We’ve written a few pointers on selling up with minimal disruption, whilst protecting the legacy you’ve built.

Do your research on potential buyers

If you want to leave your business in capable and trustworthy hands, then so some research on potential buyers. It’s good practice to interview potential buyers and ask to see business plans or details of other businesses they’ve run in the past.

You could pick anyone, take the cash and run. But if you want your business to thrive after you’ve left, then this part is extremely important!

Get your business valued

One of the first steps after finding a buyer is to have your business valued – this is the point where we strongly recommend that you get professional help! Your accountant is usually a great place to start.

Whilst the tangible assets might be straightforward(ish) to value, it might be more difficult to assess the true worth of your brand and identity in the marketplace.

Start your exit plan

Selling a business is usually more complicated than collecting your personal items and taking the money. Extracting yourself from the company you’ve been running for years is a very delicate process.

All of the things that aren’t formally written down anywhere because you just know them need to be passed on as part of the business, and all of the organisations that you deal with personally will need to be told. And that’s before all of the steps you need to take to have your name taken off the paperwork, such as lenders, creditors, Companies House, HMRC…

Get legal help

On a similar note, getting legal guidance to help you draw up all the paperwork and terms you need to agree on is really important, too. You may need legal advice on the company’s structure, shareholders, dividends or property deeds.

Legal experts will be able to write up tailored contracts and deeds that cover all bases during your sale. Don’t try and handle this all by yourself, it’s the work of an entire team!

Speak with your accountant

Yes, we admit it, we’re accountants so we’re always going to think it’s a good idea to talk to one about your business. But, selling your business is a huge process and having your accountant be part of it is essential.

They will need to finalise all your accounts, sort out your shares and dividends, and get in touch with HMRC on your behalf to update the business records with Companies House. Make sure you get as much advice from them as possible throughout the whole process.

If you need to talk to an accountant about your business, give us a call on 020 3355 4047, or use the Live Chat button on screen.

About The Author

Christopher Jones

Forensics graduate-turned copywriter and blogger. I love turning complex topics into easy to understand, yet engaging pieces of content.

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