When it comes to selling your business, arguably the most crucial thing you can do is to get people around you who have experience of the process and who, most importantly, you know you can trust.
Having the right support throughout your business sale will be vital to navigating the various issues and problems you are likely to encounter and, ultimately, to achieving a successful sale.
Here, we’ve compiled the top three people you should turn to for advice and guidance during your business sale.
It probably goes without saying that having a solicitor that you trust fully will be vital during your business sale. After all, they’ll be the one advising you on everything from valuation to sales processes and legal issues, so having an experienced, trustworthy solicitor is a must.
Throughout the process, you will be turning to your solicitor for key aspects of the sale, such as the drafting of terms and ultimately the transferring of leases to your buyer. Having a good solicitor in your corner will be vital to protecting your interests throughout the sale, drafting contracts and agreements and preventing potentially sensitive company details being leaked during negotiations.
Your accountant will be responsible for organising your company’s financial accounts ahead of the sale. As you’ll be essentially handing around three years’ worth (usually) of financial records over to them, it is vital that you trust them and that they are experienced in company finance.
An accountant will utilise these financial records to put your business in the best possible light for buyers and, for that reason, they are crucial to achieving as high a valuation as possible.
Beyond that, however, your accountant will also have a key role in due diligence, as they will be able to scrutinise the finances and long-term strategy of a potential buyer to assess whether they are actually in the position to make a serious offer on your business.
Your tax expert
A tax advisor plays a central role in the sales process, helping with aspects such as the deal structure of your sale and tax liabilities. Getting a trustworthy and experienced tax advisor on board early can even mean that you can make many of the necessary preparations before even beginning to look for a buyer.
By helping you to reduce your tax liabilities, your advisor will help you to ease any pressure on your finances. A good advisor will guide you through the process, giving you all the information your need to ensure a smooth, successful sale.