With more and more of everyday life, jobs and our communications moving online, you may be considering selling your small business online. But how exactly do you go about doing this? What are some top tips for maximising the amount of money you can make? How feasible is it to sell a small business online? If any of these questions resonate with you, then continue reading this article because we will endeavour to show you that it is more than possible to sell your small business online.
Determine the value of your business.
It goes without saying that the first step to selling your business is to figure out how much it is worth. If you are going to start searching for someone who will give you a business valuation, then look no further. FastCash4Houses is here to give you a property valuation. All you have to do is tell us about your property, we will process the valuation, and finally give you an obligation-free cash offer within 24 hours. It could not be easier.
Should I list on a businesses-for-sale website?
Listing on a website, such as FastCash4Houses, could save you up to 15% on fees usually paid to brokers for marketing and commission, as well as speed up the process. We will ensure that your asking price is reasonable, so that your business will not sit on our site for months and without gauging any interest.
What buyer information do I need to provide initially?
In terms of the information that you need to provide, there are several pieces you must provide:
- Financial year accounts which backdate 3 years
- An Energy Performance Certificate
- 3 years of accounts
- Management accounts which are updates
- A non-disclosure agreement
How long will it take to sell my business?
If your small business is successful in getting an offer, the process of selling make take anything between 3 to 6 months.
Of course, this will be because the buyer will have lots of questions for you and any offer made will be conditional, subject to due diligence.
The speed of the sale will also be dependent upon the motivation from each side. In general, the seller will push to sell quickly, but the buyer will want to slow things down through due diligence.
What is due diligence?
The buyer’s solicitor will produce a questionnaire, which you, as the vendor, are obliged to answer to your capacity.
The purpose of it is to help the buyer understand what they are acquiring, anything from legal challenges to anything and everything on financial records.
The documents you must provide include, but are not limited to:
- Company registration certificate
- VAT certificate
- Stocktake
- Customer list
- Order book
- CT600 filings
- Composition of balance sheet
You want to be as open and transparent throughout this process, so that you will not have to face any legal and accounting fees if the buyer is dissatisfied.
Remember that for this process, FastCash4Houses is here to support and guide you along the way, so you do not have to sell your small business alone.
