Selling a business can be a complex and fast-moving affair, but it can also be drawn out over a long period due to the preparation and negotiations that make up a large part of this process. As such, it is crucial to ensure you have the best team around you to provide the support you need from start to finish. Trust is key, and it's a good idea take the time to find experienced professionals who are capable and willing to deliver on their promises when things become fraught.
To help you make the right decision, we've created a list of the top three people you should trust when selling your business.
Your solicitor is responsible for advising you on the best ways to value and sell your company, so it's vital that you choose a reputable professional who holds a great deal of expertise in dealing with commercial sales. From the very beginning, you will need to rely on your solicitor to provide you with accurate legal advice to help you navigate complicated sales processes and improve efficiency, so experience is key.
You're likely to turn to your solicitor frequently for a number of important processes, including the drafting of terms and identifying of approvals required to transfer leases to a new buyer. The solicitor will also help you to protect your interests through the drafting of contracts and agreements, which could prevent any of your company details being leaked as you negotiate with potential buyers.
Your accountant is solely focused on preparing the financial aspects of your business for the sales process. It's traditional during a sale for potential buyers to seek at least three years' worth of accounts and evidence that the business will continue to thrive, and this is where your accountant's experience will be key. From gathering information to helping to detail your company's financial affairs, it is vital to ensure you can trust them to shine the best possible light on your business.
Your accountant's role will also extend to the valuation of your business, so their experience will have an impact on your valuation report. Additionally, they will be able to evaluate the long-term strategy of the buyer to ensure they are really in the financial position to deliver a serious offer.
Your tax advisor
Your tax advisor plays an important role in ensuring your tax liability is right, which can have a huge impact on the success of your sale. Initially, their role will include helping you decide how to structure your deal, which means trust is crucial. Should you make the wrong decision, you could be left responsible for assets even after the business has been sold.
With an experienced tax advisor by your side, you can make many of your preparations before you even begin your search for a buyer, and even reduce your tax liabilities to reduce pressure on your finances. Your advisor should guide you through this process, providing you with information on all benefits and implications to ensure your sale is as smooth and successful as possible.