Are You Ready To Sell Your Business?
Over recent years, has your motivation in running your business started to wane? Have you become more interested in other hobbies? Are your goals shifting? Maybe the thought of retirement is creeping in…
Have you been thinking of selling your business?
There is no doubt that making the choice to sell your business will be one of the hardest choices you might make. It is an enormous shift in routine and lifestyle, and you want to make sure it’s the right choice. You want to know that you and your family can afford to move forward on your new path. When you sell your business, the thing you worked so hard on for years is going into the hands of someone else. You want to make sure you get the reward for your hard work.
If you are thinking of moving into a new pasture, you need to remember to allow enough time for the preparation and process. The successful sale of your business will come down to all of your ducks being in order. The basic checklist below will help you know what to start to prepare:
Ensure all systems and processes are documented
Ensure your accounts show how your business is profitable and don’t reflect personal expenditure
Follow up all outstanding accounts payable
Make sure your tax returns are up to date and correct
Get advice on the best way to sell your business and receive the proceeds
To help organise the paperwork, it’s always useful to assemble a team to assist in getting things in order. Just as you are really good at what you do (that’s why your business is successful), make sure you choose a team that is great at what they do. This ensures the sale and/or transition to retirement is as smooth and successful as possible. The most important people to have on your team are an accountant, solicitor and an Independent Financial Planner. A good team has the knowledge to help you get things in order, and really make sure you get what your business, and your hard work, is worth.