The purchaser of your business is going to want to see that everything is in order that there are no loose ends, which may threaten the success of the business, before they commit to buying your business.
Whilst these are matters that should be reviewed by you regularly, they most definitely should be reviewed by you before you start seriously marketing the business for sale. The list is not exhaustive, and each business is unique, but these points will provide you with a starting point. You want to ensure:
Employment agreements with all your staff are up-to-date.
All material agreements relevant to the continued operation and financial success of the business with key suppliers, clients and customers are properly documented and on acceptable terms.
The Lease for the business premises is properly documented.
All relevant licenses, permits and planning approvals relating to the business and the use of the premises are current.
The accounts, books and financial documentation for the business are accurate, ordered and current.
All taxes have been paid.
Get Advice
You will need the assistance from your solicitor and accountant when you sell your business. The sooner you contact them about your decision to sell the better. This will ensure that you avoid the mistakes all too often made by people when they don’t obtain the necessary advice.
A quick phone call to your solicitor can save you a lot of money and stress if made at the beginning of the process rather than when you have signed an agreement. Once signed the terms of the agreement cannot be changed.
Conclusion
Having your business in order and all information ready will make the sale process easier for both you and the purchasers. Providing the Purchaser with the information they need to commit to the purchase will ensure that interested Purchasers can see your business is profitable and sustainable.
