The Process of selling a business is more complicated than people might think, so we have broken it down into 12 steps. This 12 step approach allows a business owner to identify where they why they need professional help completing a sale.

1. Make sure you are ready, willing and able to complete a transaction. You must be genuine about your intentions to sell your business. Unlike selling a house, its not just an advertising experience.

2. Appoint your business broker. The key skill of the broker is finding a buyer. Agree how this process is going to take place before enabling your broker to take action on
your behalf.

3. The broker then begins to market your business confidentially using a
quality information document that is prepared using the information you provide and his broking experiences.

4. Having secured a Non Disclosure Agreement (NDA) The broker attends initial meetings as and when potential buyers are identified.. An NDA ensures the confidential nature of the discussions.

5. The broker Involves you in meetings with potential purchasers once they have been qualified as genuine buyers with the financial capacity to complete a deal.

6. The Broker negotiates a deal that is acceptable to you and the purchaser and structures the payment(s) and terms. Sometimes it is possible to secure an one off cash payment. Other structures may include deferred payments.

7. The Purchaser appoints solicitors to issue a detailed offer letter.

8. If the offer is accepted the broker advises on appointment of solicitors for the seller and invites heads of terms from the purchaser/purchaser's solicitor.

9. The Seller’s solicitor advises on signing the heads which are usually non-binding and will grant exclusivity to the purchaser for an agreed period.

10. The purchaser organises legal, financial and commercial due diligence involving site visits. You will need to facilitate the provision of detailed information. While still running your business successfully.

11. The Purchaser's solicitor drafts a sales and purchase agreement. Which your solicitor will amend to ensure minimal post sale risk.

12. Once agreed and subject to due diligence being satisfactory then the contract is signed, the consideration wired to your Solicitor and the deal is done!

For help understanding the process and how Hyde House can help you please call us on 01604 864 353 or email us at mail@barryparsons.com

Hyde House has written the following articles to help inform potential buyers and business owners looking to sell their companies make informed decisions.
 

	The Process selling a business in 12 steps... read more
	What is a Business Broker what does a business broker do?... read more
	Do you need a Business Broker how can the services of a broker benefit you and your business... read more