If you have decided that the time has come for you and your business to part ways, you will want to make sure that you have everything you need for a sale that is as hassle-free as possible.
A business being sold is a huge undertaking for both the seller and the buyer, and before committing to the sale, it is highly likely that the buyer will want to check and confirm certain legal and financial aspects. It is therefore likely that, as the seller, you will need to provide them with accurate paperwork and documentation, this includes evidence of:
- The accounts
- A track of both historic and projected financial performance
- Valuation of the property and/or other assets
- Any major customer contracts
- Legal and tax compliance
- Any Intellectual Property Protection – such as patents, copyright, or trademarks
- Your most recent business tax returns
- Information regarding any legal proceedings/action the business may be involved in
There may also be some other documents personal to your unique sale which may need to be made available. It is always helpful to seek some bespoke advice from a professional regarding your individual circumstances.
This investigation, which takes place before an agreement or arrangement is made is known as due diligence. This often includes an examination of the physical assets of the business (the premises, inventory etc) as well as the aforementioned paperwork.
It is incredibly important that you prepare in advance for these checks. Organised, professional documentation will ensure that you present the very best version of your business to your potential buyer, all leading to a smooth and timely sale.
Effective communication and co-operation between seller and buyer will result in the best sale for all parties concerned.
Even if you are not thinking of selling your business right away, it is useful to consider any potential future sale well in advance, as you can ensure all of the necessary paperwork and accounts are kept, preventing panic when the time to sell arrives.
So, why sell your business with Fast Cash 4 Houses?
Fast Cash 4 Houses is here to help you with the sale of your business.
In addition to houses, commercial property, and land, we are highly experienced and trusted buyers of businesses, and our team can evaluate your business very quickly, providing you with a no-obligation offer.
On successful acceptance, we will pay all costs and carry out the sale in the most efficient way.
We can take the stress out of selling your much-loved business, helping you to achieve your goals and putting you in control.
If this article left you with any questions regarding the sale of your unique business, then please contact us. You can speak confidentially to a member of our approachable team on 01204 294 356 or email us at [email protected].
We look forward to hearing from you.
(Information courtesy of Gov.uk, SmallBusiness.co.uk and Cambridge Dictionary)
