A family business is where 2 or more family members are responsible for the success of the business. The family have the majority ownership in the company, therefore they are in control and have the final say when it comes to business decisions. A good example of a well known family run business is Walmart; it is run by the Walton family who have the controlling interest in the company. They own around 50% of the company shares and have high ranking positions to ensure the companies’ success.
When it comes to selling a family business, you need to be absolutely sure that you are committed to the decision. Seller’s remorse is real and hard to overcome, so you’d ought to ensure that this is the right choice for you. When you are positive this is the right decision, you would need to get a valuation of the business including all business assets, then market and advertise to attract buyers, then continue on to succession planning once an agreement has been made.
Getting a valuation on the business would be the first obstacle, but this is where FastCash4Houses can step in and help. We can provide a valuation of the business and even make an offer on any unwanted assets that need to be sold. The value of a business can vary depending on how many assets are owned and how well the business performs. If the business is profitable, has positive cash flow and good future growth prospects, this can drive up the value.
Once you have got your valuation and agreed a selling price within the family, the next stage would be to find a buyer. This can be done by marketing and advertising the business, whether it’s done privately or through a broker to help you. Brokers can help market the business to attract buyers while helping complete other tasks during the selling process such as conducting viewings and corresponding with interested parties. Do bear in mind, however, that they do charge between 8% – 12% of the selling price for their service.
Once a buyer is found and all is agreed, succession planning is required to take place. This allows an agreed amount of time that the buyer will work alongside the family within the business to learn how to run and operate it successfully. During this time the buyer may suggest improvements or changes that they want to make and ultimately, implement them. It’s the systematic process of getting the new buyers up to speed with all components of the business to ensure a smooth transition.
If you are looking to sell your family business, FastCash4Houses can make the process easier than ever. Whether you are in retail or professional services, regardless of the size, location and profitability, we can provide a stress free evaluation and an offer based on anything from the value of the company to business assets. To get your free no obligation valuation today and to find out more about how we can help then visit our website at https://fastcash4houses.co.uk/. Alternatively, to speak to a member of our team you can call them directly on 01204 294356. At FastCash4Houses, we are here to support you every step of the way.
