Acquiring a business successfully involves multiple factors. And often, the difference between a good deal and a great one comes down to finding a motivated seller.
Over the years we’ve seen first-hand how pivotal this can be. Here we’re going to delve into identifying motivated sellers and all the benefits this holds when you’re looking to secure your next investment opportunity.
Simply put, an ownership that needs or wants a quick exit. This could be due to circumstances including:
Motivated sellers by nature need to find a quick sale, so they’re often inclined to be more flexible in the negotiations. They want the best deal depending on their reason for engineering a quick exit but will often be more willing to accept concessions. It’s not all about the sale price itself, a lot of different terms can make up the overall deal.
Positive or negative, motivated sellers are often more transparent and forthcoming about their businesses. They know the urgency of their situation and therefore recognise the need to make sure things don’t take longer than they need to. This leads to motivated sellers sometimes providing more comprehensive financial records, operational insights, and other information upfront that you may be left waiting for from less motivated sellers. This allows you to start your due diligence sooner and more cost effectively.
When you find a suitably motivated seller there is less chance of the deal falling through. Motivated sellers are motivated for a reason – they are ready to make a change. They want the deal to happen as much as you do – they’re very unlikely to have a sudden change of thought. This creates the perfect balance whereby the buyer and seller are motivated by the same objective – to make the transaction work – and to make it work fast.
This comes down to recognising the unique motivations of the seller. Why are they looking for a seamless, swift exit, but also take the time to understand what they need a deal to look like? How can you use this knowledge to help move things along and create a more value-based transaction for all parties? And, how as the buyer can you use this insight to create new opportunities for the business once you complete your purchase?
You can research online or become a savvy networker in your area by attending plenty of business networking events, but by far the quickest and most effective way is to find a well-connected expert in the area.
At Business Partnership we specialise in connecting buyers with motivated sellers and facilitating mutually beneficial transactions. With our extensive network of partners across the UK and personalised approach we can help you find and secure your next venture.
Call our team on 01606 535 024 or find your local partner here.
With companies still getting to grips with Brexit and the pandemic having a huge impact on businesses globally, it is easy to understand why most UK businesses have struggled in recent times. However, over the past few years, some businesses have proven themselves as a more secure investment than others, despite the world’s events of recent years. So, if you’re looking to invest in a business, here are the five sectors that are set to – or already are – strong post-pandemic:
As the country emerges from the pandemic, the engineering sector can certainly hold its head high. During the pandemic, engineers played pivotal roles in keeping industries up and running behind the scenes. Now they play a vital role in creating a more resilient future through building and maintaining national infrastructures (e.g HS2, wind farms) and innovating, designing and creating new products that will profoundly improve quality of life.
Businesses in the engineering sector have played a critical role in allowing the engineering sector as a whole to thrive during the pandemic. For example, businesses like Snap-on Tools manufactured and distributed quality tools to the automotive, marine, railroad and engineering technicians ensuring businesses continued to operate.
The value of the physical assets within engineering also make it an attractive investment for many.
It should come as no surprise that the e-commerce sector features on this list. E-commerce not only enabled businesses to survive the rampage of the pandemic but has also unlocked vast opportunities and possibilities for entrepreneurs post-pandemic. The sector has proven that it will not only survive in the coming years but will continue to thrive in the post-pandemic world as customers are now comfortable with shopping and transacting online.
Only 17.8% of sales were made from online purchases two years ago. However, the pandemic has disrupted the status quo. According to Shopify, the global e-commerce market is expected to total £5.55 trillion in 2022. That figure is estimated to grow over the next few years, showing that borderless e-commerce is becoming a profitable option for online retailers. Normality may have resumed, but 38% of consumers expressed their desire to continue online shopping and visit physical stores simultaneously. Whether you are looking to buy a web design business or a genuine e-commerce company, these investments promise to be sound opportunities.
An infrastructure that supported life in lockdown, technology has proven indispensable over the past two years. Working from home increased reliance on videoconferencing and virtual project management and communication, which has created an opportunity for technology business to take advantage of.
In a progressively digital world, embracing a new technological era starts with support and training both to create new digital technologies, but also to support the new users who will inevitably migrate to the.
With the pandemic forcing us to reassess our priorities, personally and professionally, the Great Resignation has seen employees switch careers en masse due to burnout and greater job opportunities. HR and recruitment businesses are now busier than ever before. Employees adjusted to new ways of working, increased flexibilities and had time to reflect on what they want from an employer. For businesses, retaining their top talent and ensuring their staff are happy became vital. Outsourcing to HR businesses has been fundamental in ensuring employees’ needs are met and reducing the risk of losing people.
Employers looking to snap up the new talent on the block have also invested heavily in recruitment teams. Hiring staff is considered one of the most challenging aspects of running a business, and companies regularly waste thousands of pounds and months of time just to interview people who are nowhere near fit for either the role or the company culture. Outsourcing to a recruiter can alleviate these problems, resulting in a more robust recruitment process that saves both time and resources.
The HR and recruitment industry has massively benefitted from the accelerated digital transformation, with a record number of job vacancies and significant changes in candidate expectations, all of which will ultimately shape businesses’ strategies as they look to plan for the next 12 months and beyond.
With regular cleaning playing a vital role in limiting the transmission of COVID-19, every business had hygiene as their number one priority during the pandemic. Social distancing rules and regulations meant that cleaning companies were increasingly called upon to remove the grime and harmful bacteria in sectors like retail, education, and healthcare, to name just a few. Commercial cleaning services like The Kleaning Company, JAN-PRO and Poppies played a crucial role in ensuring these key services were delivered.
Post-pandemic, it has remained essential for businesses to make sure employees are safe on an ongoing basis. Therefore, the professional corporate buyer has needed to invest in cleaning contracts for the long term. Commercial cleaning businesses are one of the big winners post-pandemic.
Without doubt you should be investing in a business which excites you, which motivates you and gets you out of bed in the morning. No matter how secure the Engineering sector is, if you can’t relate to it, there is an argument that you shouldn’t be investing in it. The rest is down to your risk profile. If you like to take risks, you might want to turn around a company which is struggling. If you’re risk averse, you need to start with secure, stable businesses.
So whilst these sectors how good signs of stability and are ripe for investment, there are still many other nuances which come into play before buying a business. So get in touch with your local Business Partnership office and talk it through.
According to data from the Office of National Statistics, post-pandemic labour non-participation rates are now rising in the UK after having fallen continuously since 2007. More than 1.3 million people are leaving their jobs this year and moving on to new opportunities. While many are slipping into retirement, others are looking to buy businesses, leading to a flurry of interest for business brokers.
Since 2000, interest in business buying has been most rampant among the over 50s. This group, who are finding it challenging to get full-time work in the conventional corporate economy, is branching out and looking for new opportunities. “Oldpreneurs” are starting businesses that don’t age discriminate and give them the opportunity to embark on a second career for as long as they feel fit and healthy.
New pension freedoms are also making their impact felt. Many older employees can access their retirement funds without penalties from age 55 onwards, allowing them to get hold of lump sums they can then invest in businesses. Often, they have enough seed capital available to make an initial purchase before attracting additional VC money to expand.
Some of the 800,000 over-50s who left the labour force last year are also using redundancy pay to launch firms. Many are investing in the types of businesses they wanted to start when they were younger but couldn’t because of the demands of traditional employment. Consultancies, recruitment agencies, and even ice cream shops are all popular choices for business buyers in the Yorkshire area.
For others, buying a business is a matter of economic necessity. Figures show that around half of all jobs created since the 2008 financial crisis were self-employed. And while these arrangements gave workers more freedom, they also reduced their take-home pay by around £60 per week. Now, many older workers simply don’t have the nest egg they need to retire, so continuing to work is a necessity.
Unemployment is also a problem. Official figures suggest that there are 2.9 million people between the ages of 50 and 68 in the UK who aren’t in regular work. But when Age UK surveyed these individuals, they found that only 700,000 of them considered themselves “retired.” The remainder wanted to find work again but often couldn’t. The number of unemployed women over the age of 50 increased by more than 50 percent at the start of the last decade, while the overall unemployment rate only rose by 1 percent.
There are also problems endemic in some of the UK’s most dynamic sectors. Take the City of London, for instance. In the past, it attracted workers from across the age spectrum, combining the crystallised intelligence of seniors with the youthful exuberance of juniors. Now though, most people who work in the square mile full-time are under the age of 50 (and capable of putting in 60-hour weeks for the big firms).
Despite all this, the proportion of self-employed over-50s working in finance and business services is high. These professionals work the same hours as regular employees but they aren’t on the company payroll. Many either operate their own firms or buy consultancies previously run by others, using their expertise to take up the reins.
You can understand why this trend is playing out. When an older business leader becomes their own boss, hiring bias disappears. Purchasing companies frees them up and lets them extend their careers longer than mainstream corporations would allow. Owners can operate a company at any age and take on employees without the risk of being “let go” and replaced by younger candidates.
Established firms often regularly seek the advice of industry veterans, even if they would prefer to keep them off the payroll for strictly economic reasons. The growth of independent financial consultants in and around London is a testament to this. Older people have considerable expertise and experience that firms can’t acquire from the conventional labour market.
It would be wrong to assume that this trend is playing out exclusively in either London or finance. It’s also happening in Yorkshire and all over the UK. Large firms want to hire younger people, but they also want veterans to lend them a helping hand when they get stuck. Equally using their skills in more traditional business sectors is a boom area. And that’s what’s assisting acquirers and leading to a lot more business sales.
If you’re planning on buying or selling a business in the Yorkshire area, get in touch. Our partner Philip Drazen provides help across this area and ensures that you are well supported throughout either a buying or selling process. And why not sign up to our monthly newsletter for the latest sales on the market.
Good employees are vital for the lasting growth and success of any business. Irrespective of what kind of business you own, a few key employees can either make or break your business. Prior to putting a business on the market, sellers should take every step possible to build a great team and think about how their employees will impact their company. They also need to recognise the importance of factoring in employees when considering the acquisition of their business as this could determine or contribute towards the market value.
When buying a business, one of the most important elements to be evaluated is its employees, and they are often overlooked once the deal is completed. Repeatedly, buyers and sellers forget about their most valuable asset – their personnel, the current employees. They not only provide key insights into the overall customer experience, but they will also help the new owner build their business. Keeping a team of trusted, respected and motivated employees on board can pay off as they will know the business inside out and have the expertise that will help the new owner.
After completing the purchase of a business, there are some new owners who will look to start afresh with all new employees. Making such changes can be a risky approach that could backfire, so it might be better to consider retaining existing employees when buying a business. When reviewing employment strategy, it is important to consider the following factors, as this could have significant outcomes for your organisation’s future success.
Whether you are acquiring a smaller business with less than 10 employees, one with 100 or more, part of your due diligence as a buyer is to identify the strengths, weaknesses and skills of the existing workers, starting with the leadership team. Find out what is working well and identify if there are any skills gaps in the business and whether everyone currently placed in the role is best suited to their abilities and expertise.
It is then important to identify key performers in the firm who have the right skillset, qualifications and attitude so you can keep them on your side for any future changes planned. Do not forget that your employees will help you build and grow your business.
Never underestimate the importance of morale to the productivity and profitability of a business.
When employees are aware that their company is being acquired, it is natural for them to be concerned as they will not know if they will be made redundant or will keep their jobs. If the buyer makes immediate changes to the team and sacks one or two, they run the risk of alienating the rest of the staff, which could then compromise their ability to work effectively and increase the chances of losing more staff members in the future.
If the seller has created a great set of values within the business that the staff support and buy into, they are part of what makes it a success. If a buyer can see these values being demonstrated by their employees, they will know it is embedded into the culture, not just a fancy poster on the wall.
Employee turnover can be costly and time-consuming for any organisation. This has a dramatic impact on a company’s efficiency, effectiveness, morale and perhaps most significantly, profitability. It takes time and effort to locate new talent and train them up, but if you inherit a fully operational workforce, it makes total sense to retain those skills and leverage their experience, rather than making more work for yourself by seeking out a whole new team.
Additionally, buyers will also want to see that the team already in place has the capacity to take on further growth in the business. If they are already at the limit and maxed out, a new owner will have to recruit first before growing the business, and recruitment is a costly process that is followed with training and does not often pay back for months.
For every staff member that a new owner chooses to let go, remember they will be looking for another job and most likely in same sector. With the years of experience they have gained working at your business before your arrival, they will have great insider knowledge of how things work operationally and with clients, irrespective of any changes you intend to introduce. In this sense, laying off all or part of the workforce could effectively be bolstering the competition.
A business takeover is an unsettling and stressful time for employees, and on top of that, there are often legal implications involved. Empathy, transparency, and open channels of communication are crucial so you can gain the trust of your staff. It is your job as a new employer to tackle any concerns head on and keep staff happy to ensure they continue to work at peak performance with minimal disruption to the business and clients. By retaining the workforce, it will immediately give you, the new owner, the expertise you need to run the business and continue to successfully grow the business.
For advice on buying or selling a business, please get in touch with your local office.
***When we published this article just a short number of days ago, the Omicron variant was not being spoken about and the business landscape was looking more positive in the lead up to Christmas. However, the content of this article is still valid and informative, even if the timing of the recovery is delayed. ***
There is no doubt that virtually every industry has experienced significant changes and shifts throughout the COVID-19 pandemic. Whilst the economy is steadily recovering from its impact, it could seem like a risky time to buy a business. However, some industries, such as engineering, manufacturing and ecommerce, have seen a rise in demand during the pandemic, providing future opportunities for entrepreneurs.
Buying an existing business, however, can give you the same independence as starting a business, but it will also come with significant benefits. If you choose the right business, it will come with an existing customer base, a strong brand, and a steady or growing income, as well as a goodwill attached to the company. This is especially important in the current climate as you will have an insight as to how the business adapted during the pandemic and whether it has financial resilience to withstand the post-COVID landscape.
Forecasts are more predictable when the business has been running for a while. You will have a better idea of your future income and cash flow, which can make planning and applying for financing a lot easier. You will be able to build on what the previous owner did. Although you can rebrand and change the business, you will need to consider if this will alienate existing customers or be damaging to the brand you have bought.
It is extremely important that any prospective buyer does proper due diligence before buying any business. This process should be initiated at the earliest opportunity after your offer has been accepted and before exchange of contracts or completion of a purchase. It will also establish the business’ assets and liabilities and evaluate its commercial potential, as well as enable you to assess both the current and future impact of the pandemic on the business.
There are some areas, however, that will require greater attention in the current climate. These include:
Review the steps the seller has taken to release its duty to protect the health and safety of its workforce in relationship to the pandemic.
Assess whether suppliers in the supply chain can still reach their agreements and be mindful how the seller has adapted to any supply chain disruption.
Obtain details of the seller’s participation in any financial schemes or other government measures to assist businesses during the pandemic and the circumstances in which the relevant support is (or may become) repayable.
Reflect on the extent to which the seller is covered for losses arising from a business slowdown or stoppage due to the COVID-19 outbreak and any similar events that may occur in the future.
Evaluate whether the seller can still complete its material contracts and what the possible consequences of non-performance are.
The COVID-19 pandemic has been a huge challenge for many sectors and the continuing uncertainty could be particularly damaging for new businesses. Investing in an existing business that has a stable income could be a better opinion at this time, but you need to ensure that any major impact is reflected in the business’ valuation and/or is echoed in the warranties and indemnities in the purchase agreement. This will essentially give the buyer a right to claim a portion of the purchase price back if any of the foreseen problems arise.
Deciding what business to buy will depend on your hopes for the business, whether there are any suitable businesses for sale, and which option appeals more for you. If you want to run a business without struggling through the difficult start-up years, it’s best to buy an existing business.
Something which buyers often overlook is whether they should get the business valued by an independent broker, and the answer is always a big YES! Take advantage of all advice (you may have to pay but it can be money well spent) that is available… always buy with the head and not with the heart!
For advice on buying or selling a business, please get in touch with your local partner.
While there may be many reasons why a buyer wants a particular firm – its location, expertise in a specific area or a lucrative client book – the prospective buyer must do proper due diligence. This process is the most important part of your search and should be initiated at the earliest opportunity and before exchange of contracts or completion of a purchase.
Due diligence is effectively an audit of a firm’s affairs to establish its assets and liabilities and evaluate its commercial potential. It is a vital step when buying a business and will give a thorough review of financial records, legal issues, and the market positioning. It will also look at historical records and future projections, as well as any possible risks that may exist.
The due diligence process allows a buyer to better understand the business they’re buying into and learn whether the price they have offered is a fair price. If the due diligence process is carried out early on then, it allows you to deal with any issues upfront or hidden liabilities which may have not been disclosed. This information can then be used as a strong bargaining tool to negotiate terms, including deferred payments.
Alternatively, the buyer may be able to seek warranties and indemnities from the seller, which essentially gives the buyer a right to claim a portion of the purchase price back if any of the foreseen problems arise.
There are traditionally three types of due diligence you should do and you might need different advisors for each depending on the type of business you are buying.
legal due diligence – as part of a sales and purchase contract, the lawyers can check that the business has legal title to sell, ownership of all the assets and that regulatory and litigation issues are fully addressed.
financial due diligence – checking the numbers and making sure there are no black holes or hidden financial issues.
commercial due diligence – finding out the business’ place in the marketplace, checking competitors and the regulatory environment.
Below is a checklist of what a buyer needs to cover as part of their due diligence process:
Take some time to reflect on what your due diligence has revealed before making your final decision and it will also show you are serious about investing in the firm. Do not, however, try to get stuck in ‘analysis paralysis’ where people find themselves in a perpetual cycle of due diligence, afraid to make a decision.
Some prospective buyers fail to do careful due diligence and end up regretting it later, often having to face unexpected financial shortfalls. Due diligence is paramount as it can uncover risks, anomalies or unforeseen liabilities that could undermine negotiations and ensure you don’t get stuck with a business that has no future. And no one wants to make that mistake.
If you’re looking to buy a business and looking for advice on due diligence, please get in touch(Opens new window) with your local office on 01606 535 024 or enquiry@business-partnership.com
Empathy is often undervalued in the workplace, but understanding the needs of our clients and co-workers can be one of the most important skills across all sectors. If you’re in marketing, then you need to understand what influences your target audience. If you’re providing a service, then you need to know how to make your clients feel satisfied. As business brokers, we need to understand what it is like to be a business owner and what you want to achieve from buying or selling a business. Our aim is to enable you to achieve your goals, whether you’re a young entrepreneur looking for a challenge or an established business owner who is ready to retire.
As a business owner, you have probably invested a lot of time and effort into your business. You may feel an emotional attachment to the business itself as well as a responsibility to the brand and any employees you will be leaving behind. How you feel about selling your business will also depend on your reasons for taking this step. The experience of selling up can be very different if you’re looking forward to retirement than if you’re having to sell because of ill health or other issues. Whatever your reasons are for selling or your plans for the future, it is important to work with a broker who understands them so they can help you to achieve your goals. An empathetic broker can provide the support you need while you’re going through one of the biggest changes in your life. Brokers who have experience running their own businesses will also be aware of the challenges you face when preparing your business for sale and trying to get the best return on the investments you have made into it.
Buying a business can be an exciting process, but it can also make you feel anxious, confused, or unsure about the future. You are about to take on a new challenge, whether that means becoming a business owner for the first time or putting your experience to use to grow an existing business in a new direction. You might be looking for an established business that will provide a steady income or a chance to change your lifestyle. It’s important to work with a broker who understands what you want to achieve from your new business so that they can recommend the right opportunities for you. You have your own individual skills, experiences, and hopes for the future and the businesses you’re considering are equally unique. An empathetic broker will take all of this into account in order to help you to find the perfect match. Brokers who have been through similar experiences themselves or have experience helping other buyers will also be able to provide the support you need if you have any worries or questions along the way.
One way to ensure that you’re choosing a business broker who will understand your needs is to look at their previous experiences. A broker who has experience as a business owner will have been through a lot of the same challenges as you. Equally, if they were part of a company’s senior team managing a sale or acquisition, they bring other valuable experience, especially if they have previously bought or sold their own business.
As well as looking at your broker’s own experiences in business, it can also help to chat with them for a while, whether this is by phone or in person. The right broker will actively listen to you, ask questions when necessary, and try to understand your needs. Every business and every business owner is unique, so you need a broker who makes an effort to understand you as an individual.
If you are looking for advice about buying a business contact one of our local offices for advice and support.
Buying a business is a huge decision which requires careful thought. If you are considering a business purchase, you need to start by getting yourself in the right mindset. Before you make contact with any business for sale, get clear on your priorities, requirements and the outcomes you want from your purchase. This will put you in a strong, confident negotiating position. Reflection takes time, and you will reap the benefits of this later in the buying process.
This blog focuses on open market sales over management buyouts, mergers or acquisitions. If you decide to partner with a business broker to help you find the right business, these are the questions they will ask you. Let’s start with some individual reflection…
Why do you want to buy a business? Consider your reasons for entering into a business purchase. There are all kinds of valid reasons why you might find buying a business attractive, including:
Whatever your personal motivations, being clear and honest about your why will help you find the right business to buy.
Will you stick with a sector you have experience in or are you ready to apply your skills to a brand new challenge? Sometimes a buyer is looking for a business operating in the same sector to complement and grow an existing portfolio, e.g. a manufacturing company purchasing a key supplier of materials. Other times buyers have a desire to enter a new sector they have an ambition to operate in.
There are businesses for sale right now across the UK. Location could be a significant factor if you want to tap into the market in a specific area. It may not be a consideration if you plan to relocate the business in the future.
Your intended level of involvement in operations may also be a factor. If you want to be part of day-to-day affairs the company may need to be local. A more hands-off approach would allow the business to run with low level input, broadening your search area. Alternatively, maybe a business trading outside the UK is more of a priority than where the business is based.
People interpret business size in many ways – turnover, customer base, number of employees, stock holding, assets, etc. Your personal interpretation will depend on your objectives and priorities. Get clear on what size of business you are searching for to refine your search criteria.
Funding your purchase
Will you be a cash buyer or do you intend to fund the whole or part of the purchase through loans or other funding? Having your finance in place at an early stage shows a vendor you’re in a serious position to buy and may help to speed up the buying process. The funds you have available will determine the asking price of the businesses you can approach.
What kind of deal structure are you interested to pursue? Will you initiate a straightforward share purchase? If funds are limited, deferred payments could be your best option. Thinking about your preferred deal structure in advance will put you on the front foot when negotiations begin.
Unsure what deal structure options are available to you? Get in touch with your local business broker for a confidential, no-obligation conversation.
Future objectives are a key consideration in matching buyers with businesses for sale. Like buyer intentions, vendor intentions vary too. Aligning both sets of expectations is important in building trust and rapport between parties. If post-sale you plan to break up or sell off parts of the business and the vendor wants to prevent this happening, then theirs may not be the right business purchase for you.
Questions to ask yourself include:
Starting your search is exciting and also a little overwhelming. At the time of writing we have just shy of 200 businesses listed for sale on the Business Partnership website. If you have a target business in mind this can streamline the process, especially if you know the owner is warm to a potential sale. Where you are going in cold, we’d advise making a formal approach through a professional, such as a business broker or accountant.
Deciding to buy a business is exciting yet daunting. As you prepare yourself to become a business owner, there are several important questions to ask yourself. It can help to discuss your thoughts and ideas with a professional who has experience of brokering business sales.
Business Partnership has been helping people to buy and sell businesses across the UK for over 40 years. We match buyers with sellers and help our clients handle every aspect of their sale or purchase. Find your local expert here.
If you want to run your own business then there are two possible routes to consider. You could start a brand new business or you could invest in a business that is already up and running. The best option for you will depend on your circumstances and the current state of the market in your sector.
Starting a new business is a big challenge. You need to come up with an idea, build a brand, and find your place in a market that may already be full of competitors. Although creating a new business can be one of the most rewarding things you’ll ever do, it’s important to be aware of the challenges you’ll face if you choose this option.
Buying an existing business can give you the same independence as starting a business, but it will also come with some significant benefits. If you choose the right business, it will come with an existing customer base, a strong brand, and a steady or growing income.
The best way to become a business owner will depend on your hopes for the business, whether there are any suitable businesses for sale, and which option appeals more to you. If you’re looking for a challenge, then creating a new business could be right for you. However, if you want to run a business without struggling through the difficult startup years, it may be better to buy an existing business.
As well as considering your own aims and preferences, it’s a good idea to look at the current market before deciding what to do. If the economy is doing well, then startups can have a better chance of succeeding, but if your sector has been struggling, then buying an existing brand can increase your chances of success. The COVID-19 pandemic has been a huge challenge for many sectors and the continuing uncertainty could be particularly damaging for new businesses. Investing in an existing business that has a stable income could be a better option at this time.
For business sales information find our nearest broker to you click here.
You don’t have to use any professionals at all when selling your business. You could do the legal, accounting, due diligence, TUPE and everything else yourself. Indeed, a lot of people have tried this already.
But by using professionals you get the best experience you can pay for, the deal moves forward much more quickly and you are still able to focus on running the business in the meantime.
The biggest question is whether you have the time to take on these multiple roles and the expertise which keep your sale legal and protect your from potential warranty claims.
In no particular order, but perhaps naturally, we are going to start with ourselves. BUSINESS BROKERS offer any number of skills in the sale process from marketing, negotiation, stability through the process, being a sounding board to vent frustration. They are peacekeepers between buyer and seller more often than you’d expect and they also come with a wealth of knowledge and experience for every possible bump in the road you might hit, and how to avoid them.
Choose a COMMERCIAL SOLICITOR used to dealing with business sales. The hourly rate may be higher than the guy who did your family arrangement, but you will save money in the long term by completing on complicated aspects much more quickly.
Your ACCOUNTANT should also be capable of producing completion accounts to a commercial standard at short notice. You may find your completion funds are penalised if they don’t. Ensure your accountant is up to the task. Make sure they have capacity to do the detailed work you need in the short completion timescale. If they can’t, move to an accountant who can during this critical time.
TUPE experts exist for the reason of protecting your employees as well as protecting the business. If TUPE applies to your sale, a specialist HR professional or a specialist HR solicitor will be your guiding hand.
ASBESTOS & LEGIONELLA reports are becoming requested more and more as part of the property searches undertaken before completion. Get ahead of the game and get yours in place where there is a legal requirement to do so.
Selling your business is often a one time activity for many business owners. Never done it before, and unlikely to do it again in the future. Have the professionals you need in your corner. They will get the job done.
Whether you’re selling, buying, or planning for the future, Business Partnership is here to help. Contact us today to speak with your local Regional Partner and start your journey toward success.