Selling a business online - what you need to know
Do not attempt to sell your business on-line if your business is worth circa £500k or above; you should seek advice from a business broker who’s job is to find you a buyer with complete confidentiality.
- Be clear what you are selling: seems obvious but
seller’s are often confused as to what constitutes the
business assets and what they expect to take away with them
when the business is sold.
- Be clear about the price you are seeking and specify
it. If you go too high you will scare away experienced
business buyer’s. If you go too low you will attract all
sorts of ‘tyre kickers’.
- Make sure that you are able to do a deal. Do you own
the shares in the business? Do you have multiple
shareholders? What needs to happen before all partners agree
to sell up?
- Keep the description of your business simple. Do not
over elaborate.
- Make sure that anything you put in your advert is true
and accurate. Any inaccuracies will break trust and put your
price aspirations in jeopardy.
- When you receive responses do not release further
information about your business until you establish that the
potential buyer is genuine. Establishing a genuine buyer
requires a few basic instincts and questions. Secure an NDA.
- Only meet with potential buyers when you are certain
that they are capable of completing what will inevitably be
a long and complex process and that they have demonstrated
access to funds.
- Keep the transaction confidential at all times. You do
not want to disrupt the working environment by allowing your
staff to find out that you are selling up.
- Appoint a solicitor as soon as an offer is received. Ensure that the solicitor is a specialist in commercial transactions.
To discuss how Hyde House can find you a buyer for your business and complete a deal please call us on 01604 864 353 or email us at mail@barryparsons.com
