Business owners can go through all kinds of emotions when selling up, but how you feel about exiting your business could all depend on three things. Firstly, your reason for selling, secondly, how well the sales process goes and, finally, your personality. Some people cope with change well or are excited about their plans for the future, but others can find the process unsettling or upsetting.
Regardless of what you envisage for your next chapter in your life, there are key factors that will lead to a happy and lucrative exit from the business’s day-to-day operations. However, not preparing adequately for an exit can often lead to feelings of regret. In fact, 75% of owners who sold their businesses say just one year after exiting that they wished they had never sold it1. To avoid being part of this statistic, here are three top tips on how you can prepare to sell your business and minimise the emotional impact.
In most cases, there are a combination of factors that are either “pushing” you away from your business or “pulling” you to something else. Push factors are legitimate reasons to exit your business, while pull factors are things you want to do after leaving the business.
An example of typical push factors forcing many business owners to step away from work include reaching retirement age, feeling the business has reached its peak, developing health issues, or just wanting a break and to reduce stress. Alternatively, things that attract business owners to leave a business could be that they would have more time with friends and family or could make a real difference in a new business.
The happiest departures happen when there are just as many compelling pull factors as push factors. So, find five minutes and write out a list of all the elements that make you want to exit your business. Then make a list of all the things you are excited to do after leaving your business. This will help you make peace with exiting the business.
The ideal scenario does not always happen when exiting your business. So, aligning your exit with why you are leaving is the best way to approach selling your business and reducing the emotional impact. Some examples of the most common exit types can be selling a business outright, going into liquidation, transferring the business over to a family member, or going through a management buyout.
One example could be that you have a health issue and need to exit the business quickly. In this instance, the best exit strategies for you would be to sell outright; you could ask if one of your managers wants to buy you out or even transfer the business to one of your family members.
If an existing business’s value was determined by the owner, it would most likely be priceless. However, the ultimate judge of your company’s value is the market itself. No matter how much you want for your company – or what you think you need – if the market says the business is not worth that, then you are out of luck.
So, as well as having your business evaluated to understand what it might be worth to a third party, there is another calculation you should make, which is to understand what the business is worth to you. When the market valuation and your personal valuation coincide, it may be time to consider an exit. However, the price you are willing to accept could depend on why you are exiting the business. For example, if you are looking to retire, you will want to ensure you have enough investable assets to create the income stream you need to fund your retirement. If you have decided to exit your business because you are bored and want to move on to another project, you may want to sell your business quickly and would be willing to take a discount.
When looking to exit your business, ensuring you have dotted the i’s and crossed the t’s is essential to an exit with no regrets. Work out why you are exiting the business and then estimate what you think the business is worth. Once you have considered all factors and have a number you would be happy to accept, then you are ready to sell your business.
It is equally important to be honest with yourself. Have you established how much your business is worth to you? Do you have a contingency plan in place for once you are out of the business? Are you mentally going to be able to detach yourself from the business? Have you considered how your employees will be treated when you exit your company? If you want an exit with no regrets, these are all important questions to consider. Of course, only you will know the answer to whether you are prepared to sell your business or not, but this advice will go a long way in helping you prepare.
For advice on buying or selling a business, please get in touch.
1 The State of Owner Readiness Study 2013 by Exit Planning Institute
Not all business sales go to plan. They take time, but if you begin to feel left out in the cold, with a general lack of communication or activity, it’s time to get your sale back on track. In this situation, timing is critical.
Below is some helpful advice on how to keep your franchise sale on track:
Firstly, don’t think the worst or start to panic. Silence doesn’t necessarily mean the buyer no longer wants to purchase your franchise. There could be an honest and simple reason why the sale has stalled.
Sometimes life just gets in the way. How many times in your life have your priorities changed due to unexpected events? We’ve seen sales stall due to a buyer taking a holiday, falling ill or a change in their personal circumstances. Often, all it takes is a few phone calls to understand the reasons for the silence and get the sale back on track.
Having identified why the sale has stalled, consider if you’re the best person to get involved in resolving issues. Sellers can often be too emotionally involved in their business to see the situation objectively. Yes, you have the best interests of your business at heart, but could you end up confusing matters further? A neutral party like a business broker might be better placed to act.
As soon as you accept an offer, agree a deadline for completion that your accountant, solicitor, and business broker, plus any other important parties such as your landlord can achieve. This will ensure everyone is heading in the same direction. Don’t make promises you can’t keep! Communicate accurately and always deliver what you say you will when required. Always keep all parties in the loop as you head towards completion day. A breakdown in communication is a common factor in stalled sales.
The moment a sale breaks down is when the true value of appointing a business broker comes into play. Your broker will have had numerous conversations with both sides in agreeing an offer to begin with and will use their negotiation and diplomacy skills to optimum effect. Part of their role is to keep the business sale moving and they will investigate on your behalf the reasons why things aren’t going to plan.
Another reason why business sales break down is because something simple has not been delivered. You, your broker, and other professionals need to stay on top of key actions and delivering essential documentation such as management accounts, supplier, and employee contracts, to guide your business to a successful sale. Business sales can stall for all manner of reasons. Quibbling over ownership of a web domain is one challenge that is becoming more common. Get your documents in order so you know who controls what.
Working together, sellers and business brokers combine knowledge and experience to support a business sale through to completion. There will be instances where a sale cannot progress to completion, but we’re happy to say, in our experience such cases are rare. If this happens to you, get your business back on the market quickly and always have a binding confidentiality agreement in place with your original buyer.
If you’re looking to kick-start your business sale and would like more advice to get it back on track, get in touch with your nearest Business Partnership office.
Business owners have two main options when it comes to making money. You can sell your business and take the proceeds to fund a new venture or invest. Alternatively, you can keep the business and use it to generate an income, even if you take a less active role in running things. Although it can be hard to give up your business, there are some risks to sticking with it rather than selling. However, it can still be difficult to decide if the time is right to sell your business. If you’re considering your options then you can talk to an experienced local broker through Business Partnership. We can help you to weigh up the risks and benefits or selling up or sticking with your business.
Selling your business will give you more financial security than hanging on to it in order to generate a steady income. You can decide whether to accept any offers that are made for your business. You’ll receive a set sum that you can use to plan for the future. Although there are always risks when you invest, you can seek financial advice and split your money between safe savings accounts, balanced funds, and riskier investments to ensure a reliable income.
The income you generate will depend on how much you have to invest after selling up. Getting a valuation can give you a good idea of how much your business is worth on the current market so you can make an informed decision about selling and start planning your future. We can also offer advice on how to maximise the value of your business before you sell. Strategies such as preparing your business finances, investing in new equipment, or simply waiting for the right time of year to sell a seasonal business can make a significant difference to the price and your future income.
Taking a closer look at your finances and prospects through our valuation service can also give you a clearer idea of your expected profits, costs, and income if you keep the business. We use your current state, past records, and our understanding of the local market to assess the future value of your business. You’ll be able to compare these predictions with the current sales value of your business to decide whether to sell now.
Even if the future of your business looks great, it’s important to remember that nothing is certain in business. If you decide to stick with it, you will continue to face all the risks of a business owner in an uncertain economy. You could face unforeseen threats such as a new competitor, a flood affecting your premises, or an economic downturn. One of the most common reasons for selling a business is reaching a stage in your life when you need more certainty about your income. If you’re no longer comfortable with these risks then it could be time to sell up and hand the business over to someone who is ready for the challenge.
The risks of running a business aren’t the only reason why it can be better to sell up than to keep going if all you want is a steady income. Changing from being a business owner receiving a salary to an investor or retiree generating income from the proceeds can affect your tax status. Depending on your plans for the proceeds, you might be able to reduce your tax bills. If you’re receiving a pension then this will be taxed as income, but the profits from your investments will be subject to Capital Gains Tax instead, which is charged at lower rates. The basic rate of Income Tax is currently 20% while Capital Gains Tax in the same band is just 10% (except for property sales). The rates move up to 40% and 20% respectively in the higher bands. We can introduce you to a reliable tax expert who can help you to understand the tax implications of selling and the best options for the proceeds. Our regional partners can also recommend legal experts, financial services, or other specialists in your area if you need more advice.
In addition to calculating the financial implications of selling up, it’s important to consider the impact on both you and the business. Running a business takes a lot of time and energy. You must also be ready to take risks in order to grow and develop the business as the market changes. If you’re looking forward to retirement or simply want a steady income, then keeping hold of the business might not be the best choice. You won’t be able to enjoy your dream lifestyle if you’re always getting calls about the business or working on your finances. The business could also suffer if you aren’t able to devote yourself to it or you’re unwilling to take chances, which could ultimately put your income at risk. If you want to move on or the business needs a new owner to take charge, then selling up will be better than hanging on. We can help you find the right person to take on your business. If you’re curious about selling your business you can use our website to carry out your own Value Builder Score which could help you determine which step to take.
Whilst we hear a lot in the press about starting a business, it is not every day that we hear about leaving one. There are many reasons why people consider exiting a business. No matter the reason, it is always good to ensure that you meet your business goals and get a fair return on the sale.
Selling your business on the open market is the most popular option for small businesses. These sales involve two major categories of buyers:
Either buyer can be a great opportunity for the seller but managing this process can be extremely overwhelming. Therefore, it’s highly recommended that you have a professional team on your side which should include a business broker, experienced solicitor, and accountant.
In the first case, an individual buyer is looking to buy a business to replace an income or become an entrepreneur. Typically, this will be someone with related but not direct experience in running the type of business you currently operate. This is a good thing as they will then pay for your expertise and good will. And another benefit is the individual will most often continue operating the business you started and are likely to retain key employees.
In the second case, selling your business to companies interested in acquiring your business will mean that they intend to make it part of their own company or part of their expansion plans. This is an ideal selling option for high-growth businesses that turnover £1 million a year. Large companies can spend more money than an individual and they may gain some economies of scale, thereby increasing the valuation of your business.
After the sale, your business may not look quite the same, as it can be transformed into a subsidiary or division of the buying company. Acquiring companies may also want you to stay on and to manage your business – commonly known as ‘earn out’ where the business must meet growth milestones. These deals can get very complicated, and it is very important for you to be represented.
Business Partnership share their checklist to guide those looking to sell on the open market:
No matter your exit strategy, it is critical to conduct the sale with the help of a trusted business broker or advisor. Simply putting out the proverbial ‘for sale’ sign can greatly affect your business’s value, driving away employees, customers, and vendors. Business brokers and advisors keep your sale confidential, offer the utmost expertise in valuing your business and ensure you get the best price possible.
Contact your nearest Business Partnership advisor now for a free, confidential discovery phone call.
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.
No matter the reason, from retirement to a change in lifestyle, selling a business is a huge and life-altering decision. Therefore, it’s no surprise that when looking to sell their business, some fears and assumptions come to the surface.
Our brokers here at Business Partnership know what makes a successful business sale and we want to share some of the worries associated with selling and the common fears that put barriers in the way of a successful sale.
Not achieving the right market value is the top common fear for many people selling their business as they have no idea how to value their business. The first thing they ask is for a free valuation as they’re concerned that they could turn down a great offer in the hope the next offer might be better. What they actually need from a business broker is a marketing strategy to achieve that best offer.
Confidentiality is also a common fear for sellers as they don’t want their customers, suppliers or staff to find out about a sale before the deal has been agreed. A sale is often a positive decision, but people jump to conclusions and adopt a worst case view and assume there’s something negative going on. Depending on the nature of the business, some people are also conscious not to upset the supply chain, by selling to a competitor, or to create uncertainty amongst employees.
Knowing when you get paid is another key concern for many. A seller wants their payment upfront and to know how much they will get paid when they hand the keys over to the new owner.
There are some sellers who are also worried that the deferred payments doesn’t appear – especially where they are relying on it for their retirement and it is vital to the life they had worked so hard to achieve. In this instance our advice would be to prepare your business properly for sale, remove the risks and then go and find buyers who can afford your business.
For many people, they are concerned about what will happen to their legacy and employees once they sell, especially if some staff have been working for the business for many years – there can be strong emotional bonds with their colleagues and the business. Some sellers are willing to accept a lower offer to ensure their workforce are safe and their brand name continues long beyond the sale.
Last but not least, some sellers worry that they won’t actually be able to sell their business and question whether they have created something of value. Again, good preparation in running your business as well as in the sale process will make it a desirable asset that others want to own.
Our research confirms that within a year of having sold, 75% of business owners feel one significant regret after their sale, because they hadn’t thought it through. They hadn’t thought how much cash was enough to support the lifestyle they want, how their employees would be looked after, or what they want to do next to fill the gap left by owning a business. We help work through those issues to ensure these fears don’t get in the way of a successful sale.
A skilled business broker will help with all of these issues – from preparing you and the business for sale to developing the right marketing strategy, protecting confidentiality, finding the best buyer and agreeing a deal structure that protects both seller and buyer.
When looking to sell a business, knowing your business value and having the right guidance throughout the entire process is key. Find your local broker to make the initial call.
Whether they’re looking to spend precious time with family, have re-evaluated life goals due to the pandemic or are looking to a good retirement, many business owners are worried they won’t be able to sell their businesses because of the impact of COVID-19 on the economy. We want to combat those misguided assumptions.
There’s been a marked increase in businesses needing advice on how to sell their business as the pandemic has pushed them to think more pro-actively, as well as to consider de-risking.
Investors with capital are always looking for opportunities, no matter what is happening with the economy. Foreign buyers are also still active in the UK, despite ongoing uncertainty because of Brexit – sterling remains weak, giving UK businesses additional appeal amongst buyers. There’s been a solid demand for businesses that have shown themselves to be ‘COVID-proof’ – in terms of technology, automation and security – but also green shoots for struggling sectors such as hospitality.
However, if you do decide to take forward your plans to sell it needs thorough planning and preparation.
Preparing to exit a franchise might seem like it’s the end but we believe it’s important for franchisees to realise that for whoever is taking over, it’s the beginning. Potential buyers aren’t buying the past of the business, they buy the future and need to be able to see how it will work in their hands and grow in their hands.
Leave no doubt that your business has a viable future with growth opportunities and demonstrate this to potential buyers. Just as important – show the buyer that your involvement in the company hasn’t been focused solely on the immediate performance, but also on the long-term goals. Anyone preparing to exit needs to allow buyers to understand the current position as well as the potential direction of their business.
Think about how you’d answer questions that a potential buyer might ask. For example, what is the future potential of your business? What are your major competitors doing that you’re not? Be prepared to share your knowledge and understanding of the opportunities that exist within your sector and how they impact your business.
The time that you choose to sell your business is vital. On one hand, you need to be aware of how your business has grown and what its current vulnerabilities are resulting from this. On the other, you want to ensure that you have built sufficient value in your business to sell it at the best possible price. Business owners, whether serial entrepreneurs or would-be retirees, should always be looking at exiting their investment because this is intelligent business thinking.
During the pandemic, our regional partners have had to adapt their usual day-to-day practices. They’ve had to be more flexible in interactions with potential buyers, offering socially distanced viewings to ensure everyone stays safe. However, even with the impact of COVID-19, there’s still been significant interest from a wide range of buyers.
To find out more about Business Partnership or to get a free business valuation, contact your local office for a confidential conversation.
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The process of selling a business doesn’t always go smoothly, but what many sellers don’t realise is that they may actually be making the process harder for themselves. Some sellers or inexperienced agents waste time or cause problems due to poor preparation, which can put potential buyers off or cause the sale to fall through. If you’re selling a business, then you must show potential buyers that you’re serious. The best way to do this is to work with an experienced broker who can provide the support you need.
The process of selling a business can come with a lot of trouble and heartache, especially if there are miscommunications or misunderstandings with the buyers. Buyers can easily be put off by sellers who are unprepared, disorganised, or reluctant to provide the information they need. Buyers might think you’re unreliable or not serious about selling, so they won’t want to make an offer. You and the buyers could also endure a lot of stress and waste time on negotiations that will fall through. Problems like these often occur when inexperienced sellers are handling things for themselves, but they can also happen if the broker or commercial agent is disorganised or lacks an understanding of the sector.
1. Make Sure You Can Answer Basic Questions Quickly
Anyone who is interested in buying a business is likely to ask a lot of the same questions. Buyers will want to know key facts about the business, such as the turnover and cash flow. Buyers are also going to ask why the business is for sale and who the key customers and suppliers are. Sellers should be expecting these questions, so they should have the information on hand. If you can’t answer these questions quickly, then you’re telling potential buyers that you haven’t prepared properly for the sale.
2. Get Your Accounts Ready to Share
Any serious buyer will ask to see the books and other important financial information before they make an offer. Sellers should prepare these documents before they put the business up for sale. You and your broker should make sure that the books are up to date and well organised. You may also need to take steps to protect any sensitive information, by preparing a confidentiality agreement for potential buyers. If you don’t have your financial information ready to share, then potential buyers may see this as a sign that your books are disorganised or worry that you’re hiding something.
3. Be Available When Buyers Make Contact
Sellers should be keen to convince potential buyers to choose their business and happy to provide any information buyers need to make their decision. If buyers are always kept waiting for your responses, having to repeat their questions, or chasing you to get answers, they’re likely to give up. Buyers might think that you’re reluctant to sell or there are other issues with the sale. Buyers could also wonder whether you’re just as bad at communicating with your customers and suppliers, which could make the relationships you’ve built appear less valuable.
Working with a reliable and experienced business broker is the best way to avoid these kinds of problems, whether you are buying or selling a business. If you’re buying a business, our brokers can help you to explore your options and negotiate with the seller. If you’re selling a business, our brokers can help you prepare for the sale and ensure that potential buyers get the answers they need. We support both buyers and sellers throughout the sales process to ensure that things go as smoothly as possible for both parties.
To discuss your buying and selling needs contact our local partner Simon here. Alternatively, look up our nearest office 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.
Selling your business doesn’t mean you stop caring about the future of your brand, employees and customers. After all the hard work you’ve put into the business, you’ll want it to continue to thrive without you. Ensuring that the business is protected during the sales process will also enhance its value to potential buyers so that you can sell at the best price.
Putting your business up for sale is like sending out a signal to your customers, employees, competitors, and potential buyers that could have a big impact on how they view your brand. Unless the sales process is carefully managed, you might be sending out the wrong signals.
Your employees are likely to feel shocked and anxious if they haven’t been consulted before the sale goes public. Your customers might worry about how the brand will change if they aren’t reassured that you’re taking steps to ensure continuity. If your brand is damaged by these concerns or people are speculating about your reasons for selling, it could harm the business and reduce its value to potential buyers. Your competitors could take advantage of the disruption.
Controlling the message is the best way to manage these risks. Business Partnership can help you decide who, what, and when to tell so you send out the right signals to the right people.
Venture capitalists excel in this because it’s at the heart of what they do. They build a business up, making it clear to everyone along the way that a sale is the objective. But they also tell everyone how they will be included and protected through that sale, whether employees, customers, suppliers or other stakeholders.
For some SMEs, too, this is a realistic option, especially where an owner manager is retiring and has planned for it well. As for the rest, we have to decide how to approach a business sale, who to tell and when to tell them.
Open sales can make use of all the available marketing channels and bring your business to the attention of more potential buyers, so it is a great option in many circumstances. Marketing widely and openly will be particularly important if there’s high demand for a business like yours and you’re hoping that competing offers will drive up the price.
For other businesses, being this up front about a sale risks opening them up as a target for their competitors to pick nervous customers from. In some cases, there may be a specific reason, like protecting intellectual property rights, as to why the sale needs to be kept quieter. A confidential sale can work well but there is a risk of missing out on the word-of-mouth referrals that can happen when people in your industry are talking about the sale.
Business Partnership routinely ask potential buyers to complete confidentiality agreements for the businesses being sold. This does not give a buyer carte blanche to see every detail of information on a business though.
Even if you’re being open about the sale, there may be certain information that needs to be protected. You don’t need to worry about information that is publicly available or easy to estimate, such as the number of employees or your annual turnover. A confidentiality agreement cannot protect information which is already public.
However, there may be sensitive information you need to protect, such as new product designs or a contract you’re about to sign. It’s vital to withhold this information until absolutely necessary, in most cases until after an offer is agreed and solicitors are drawing up the legal paperwork. Things such as this are where some of the value lies in your sale. Protect it.
Like fingerprints, each business sale is unique and brings together the commercial sector of operation, the relationship the owner has with employees, who the competitors are and how ruthless the market is, to name but a few. The timing of your announcement and who to include in your decisions is unique to your business but Business Partnership can work you through some scenarios to reach the right sales strategy. This includes the balance between openness and confidentiality.
The balance you’re looking for is to maintain knowledge of the sale within a small number of colleagues for as long as possible but to prevent the rumour mill from starting tall tales of failure and crisis that simply aren’t true.
If you’re an employer then it’s likely you will discuss your plans with your senior management. Your senior team will be involved in preparing information for potential buyers and if they understand why, it’s a smoother process. Telling all your employees about the sale can be difficult, especially if there’s a risk of job losses or other big changes, so limit it to who needs to know to begin with.
A business sale can take some time to conclude so whilst talking to customers and suppliers can also be important for a smooth transition, you shouldn’t do it on day one. This generally comes after an offer has been agreed at the earliest.
It’s usually best if people hear about the sale from you first, so meeting with key customers and suppliers before everything goes public can help you control the message and offer a smoother transition to the buyer.
One of the most reassuring things you can do for your employees, customers and business associates is to share some of the steps you’re taking to find a good buyer and ensure a smooth transition. The personal touch can also work wonders, so sharing some of your own emotions or hopes for the future can make people feel more positive about the change.
The best approach to selling your business will depend on its size, the sector you work in, and your reasons for selling. Business Partnership can help you create an effective sales plan, prepare for a smooth transition, and handle potentially difficult discussions with employees and other interested parties. Contact us to get expert advice on protecting your business during the sales process.
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.