How do I sell my business?
1. Value your business
The first step in selling your business is to get a valuation. This will be the starting point for your sale, and will help you through your sale. You can use our free valuation tool to find the value of your business.
2. Pick the right time to sell
If you rely on seasonal trade, start to look to sell before the busy period. Buyers want businesses that will grow, so starting before, rather than after, a busy period will make your business more interesting to potential buyers.
3. Prepare financial documents
Any potential buyer will want to see your business’s financial documents. You’ll need to prepare your Profit and Loss statements, Balance Sheet and anything else about the finances of the business either before or during the time the business is on the market. Having these documents to hand will help to speed up the selling process.
4. List your business for sale
Once you’ve found the right time to sell your business, got your financial documents ready and have found a value, the next step is to list it for sale. If you’re using a broker, they will handle the sale of the business and finding buyers, but will take a payment up front and a percentage of the price achieved on your business as commission. As an online agent, Bizdaq lets you be much more in control of your sale, allowing you to take charge throughout - and won’t cost nearly as much as a broker.
5. Find prospective buyers
Finding a buyer is one of the most important, and potentially tricky, parts of selling a business. As with selling a house, it’s unlikely you’ll find the right buyer straight away, so keep several potential buyers interested in case one deal falters.
6. Accept an offer
Once you’ve got an offer on your business, the next step is to evaluate and work out what’s best for you. Offers can be specific to the buyer – some buyers will want you to work a handover period, whilst others will be happy to just take over the business. Finding an offer that suits both parties is key.
7. Complete the sale
Congratulations, you’ve sold your business!