Are you considering selling your business but feeling uncertain about the best approach to take? Whether you’re looking to retire, pivot to a new venture, or simply take advantage of market conditions, navigating the sale of a business can be a complex process.
Understanding the various strategies available, the valuation of your business, and the potential buyers can make all the difference in achieving a successful and profitable sale.
Jo Haigh, Founder and Chairman of fds, offers advice on selling your business. She shares an overview of the pitfalls to watch out for when considering your exit strategy.
Understanding the Time Commitment Involved in Selling Your Business
If you want to sell your business, you must be prepared for the amount of time and effort this will take. If you want to undertake this process alone, then the steps to prepare a business for sale can include advertising it online, dealing with enquiries and managing the lawyers and the conveyancing teams, all of the pros and cons of the process of selling your business. But, don’t forget, you still have a business to run.
Selling your business can usually take at least 9 months, possibly upwards to 12. You will find it increasingly difficult to both independently manage the process and run your company. You will have many highs, but you will have just as many lows. It is entirely possible that an individual may make an unsolicited offer for your business. While this may be an exciting prospect, a one-horse race is never a good idea. With many deals, an interested party has taken the vendor right to the finish line and then asked to renegotiate on price. At this point, the vendor has nowhere else to go. The vendor may think this new deal value is their only option if they want to sell their business. You must consider if the first offer is the best you could get.
Finding the Right Business Broker When Selling Your Business
Dealing with one particular acquirer can be fraught with problems. At fds, we are knowledgeable regarding the games that these buyers play. We can help ensure that you get the best deal possible on the best terms. When selling your business, there are complicated tax and legal considerations, and it is in your best interest to enlist the help of seasoned professionals to manage these complexities.
An experienced business broker offers essential knowledge and is well-versed in the best practices for business disposals. fds has over 400 transactions under its belt, so can expertly guide you towards a successful business exit. Discover how we can help you sell your business here.