Who is needed when selling a business?

• Date
  28 March 2023
• Category
  Guides & Helpful Hints
• Author
  SA

To make the sale process as smooth as possible and to obtain the price you look at achieve, having a team of people on your side is essential. This article will cover some of the key people you should have when selling your business.

Accountant/Bookkeeper:

Having your accounts in order is one of the most important parts of preparing your business for sale and being able to answer any questions regarding them during the sale process. Have your accountant and/or bookkeeper up to date on the situation and have all your accounts upto date. Ask your accountant to foresee the questions that may be asked?

Lawyer:

Selling a business requires you to think about the legalities.  If you have never sold a business before, having a lawyer already briefed who can help in the creation of your sale documents before the process starts will save you time and money in the long run.

Business Broker:

A business broker helps to smooth the process along. They help to obtain potential buyers and chase them for any information that you would like from them to help keep momentum in the process. They are there to be an in-between. Any difficult conversation and or questions can be sent between yourself and the buyer via the business broker. They are excellent mediators to find a deal that works for all parties.

Staff:

Staff are often integral to your business and you may have key people that you need to notify in confidence. Good workers are important and will be part of the reason why someone wants to purchase your business. Some sellers often put retention bonus’s in place to ensure the smooth transition of their employees.

Shareholders:

All of the shareholders before starting out on the process to sell need to be in agreement on the direction they take and the price they want. If this doesn’t happen can create an elongated process or for the sale to fall through.

If you would like to discuss the confidential sale of your business get in touch with the team today.