Advertise your business On-Line – What you need to know

ADVICE ON SELLING A BUSINESS ONLINE, WHAT YOU NEED TO KNOW

Selling You 

1. 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.

 

2.  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.

 

3.  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’.

 

4.  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?

 

5.  Keep the description of your business simple.  Do not over elaborate.

  

6. 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.

 

7. 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.

 

8.  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.

 

9.  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.

  

10. Appoint a solicitor as soon as an offer is received. Ensure that the solicitor is a specialist in commercial transactions.