This is the number one thing SMEs and Entrepreneurs just don’t think about until it comes to sell and then wonder why they cannot sell their business. You then have businesses who want to grow rather than exit but again they go to their banks, normally get turned down and just continue down the same path.
So, if you are thinking about selling your business the following might be help you get an edge on the opposition.
DATA ROOM – Very simply understand what any would be seller is going to ask for in relation to due Diligence such as accounts, order books, debt and charges, specific industry licenses, asset valuations and more and put that in an easy access format via an online cloud data room this will make the whole sales process much easier. For the buyer having all of this at their disposal rather than waiting for you or you professional advisors to deliver this in piece meal fashion will give you a big Edge
FIND YOUR SUCCESSOR NOW – Probably the number one concern for any buyer is what happens when your have exited the business how much of a loss will the current owner be and how long do I need him to stay on to make sure the business continues as it has done. So, finding your replacement and having a credible management team that can run the business effectively without you being around will make your business much more desirable to any would be buyer.
NEW OPORTUNITIES – Think about how you would expand the business if you were 20 years younger and had funds available and what opportunities are out there that you’re not currently getting or going for. For a would-be Buyer seeing an opportunity to add value to an existing business is something that will entice them to buy your business. We would suggest you do this and place this in the Data Room.
First Celtic offers advice and real solutions to help you prepare your business for exit and help you maximize the sale price and find the right Buyer to take your business forward. Please feel free to reach out for a private confidential chat.