Before a business can invite prospective buyers, many detailed preparations must be made. These preparations are vital to ensuring a smooth progress through the sale process. If these steps are not followed carefully, buyers will lose interest and move on to other opportunities.
For example: making sure that the business seller has all documentation is filed correctly and available to hand for buyers ensures that questions can be answered quickly and efficiently. If the owner must start searching for paperwork and takes days to find each piece of relevant information, it puts the business in a bad light. This will certainly affect the sale price, and many buyers will be put off by the poor situation.
Other preparations include a through analysis of the accounts over the past five years, assessing the current trading situation, analysing the average sustainable profitability and the net asset position.
Would you like to see how we approached a real-life business sale? See the informative guide to selling a business video below:
How do Boardroom disputes arise? What can be done to resolve them?
Follow Henley Business Group through a real-life business sale negotiation.
"Search and Source" is Henley Business Group's New Service for Business Buyers
Businesses typically rent their premises although there is no legal reason why you cannot own your own shop, office or warehouse.
The purchase of Henley Business Group for an undisclosed sum has been completed following 6 months of negotiations.