Most business owners will think from time to time about when and how they might sell their business, either now or in the future. Business owners contemplating a sale will have many questions and concerns, especially if they have never sold a business before. These include:
- When will the optimum time be to sell my business?
- How do I arrive at a valuation for the business?
- What are prospective buyers looking to see in my business?
- How do I go about the process of selling my business without disrupting important employee and client relationships or alerting competitors to my plans?
- How will future demand / technological advances affect my business valuation?
- What are the various types of sale options and which one(s) might be right for me?
- What is the due diligence process during a company sale and how can I prepare for this?
- What are the tax and legal implications of selling a business?
- What tie-in / transition / earn-out arrangements may I need to sign up to?
- How will I cope with life after the business sale? What’s next for me?
A business owner will benefit by preparing practically, mentally and emotionally for a future business sale. However, it can often seem difficult to find the time and mental headspace to start these preparations. Also, it is unchartered territory for many business owners due to not having walked this road before.
This is where Business Sale Basecamp can help. Our Managing Director, Andrew Morrison, started AM Bid in 2014 with a clear focus on a future business sale. This was achieved in a high value trade sale to Bidding Limited. Andrew has a very clear understanding of what is needed to achieve a successful business sale along with a smooth transition and exit from the business.
The basecamp approach describes how Andrew will help you on the journey from where you are just now to the desired outcome of a quality business sale. Through his network of over 20,000 business contacts, Andrew will know good people to introduce you to, for example, prospective purchasers and / or professionals who can help with areas that your business may need to improve on prior to sale.
Working with Andrew will help you to focus on a current or future business sale. It will bring an independent external perspective while you as the company owner will be too closely involved to be truly objective. It will also bring accountability if you wish to arrange periodic check-in sessions with Andrew to review progress.
The fact that you are reading a website about selling your business may indicate that you are considering the benefits of a business sale. These include: realising a capital sum, potential financial freedom, gaining more control over your time and life. Keeping the benefits in mind will help provide motivation for your journey towards a successful business sale.
