Considering a Business Sale? Get the Right Advice
When contemplating your market exit strategy, there will undoubtably be a variety of questions looming in your mind. When is the right time to sell? What do I need to do to make my business more saleable and to get the best price? What paperwork should I prepare for interested parties to review? Often, there isn’t a catch-all answer for every business, with each sale presenting a unique set of circumstances and challenges.
The most common question asked by prospective sellers is regarding the asking price for their business. There are various methods posted across business-for-sale websites offering guidance on how to estimate your business’ market value. This can often be confusing, and it is best to seek the expert opinion of an industry professional.
Right Time to Sell:
When deciding at what point to place your business on the market, there are several factors you need to consider. What is the average time for a sale to complete in your industry? For many industries, this period can be upwards of 12 months for a completion. What are your plans once your business has sold? If you are seeking retirement, what are your timescales to enable you to enjoy the fruits of your labour? Is the business on an upward or downward trajectory? This may well determine the time at which you choose to sell. What opportunities exist for a potential buyer? To be attractive to a potential purchaser they must be able to recognise the value of the business and the potential for them as a new prospective owner.
Depending on the nature of your business, it may be advantageous to offer a transition period where you retain a position in the business or act as an external consultant whilst an incoming owner gets to grips running your business.
For many business owners, a business sale will be their first and only experience with the sales process. The owner needs to simultaneously run their business whilst pursing a business sale. The extensive level of research, time and analysis required to not only sell your business, but to achieve its full market value is a major and complex project. Therefore, it is strongly advised to seek the assistance of an experienced business broker to facilitate the sale.
If you require expert advice regarding your exit strategy or need an industry professional to realise your existing market exit strategy, we invite you to reach out to us and please do not hesitate to make contact with a member of the Kings team. With over 30 years of experience successfully selling businesses, we have a proven track record in optimising returns for our clients.
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