Selling your business can be an effective and satisfying means of funding your retirement. After potentially years and years of hard work, you may dream of selling your company on and living off the proceeds while you enjoy a well-earned break. However, as with all business sales, nothing is certain and it’s important to make the most of the opportunities presented to you to help you achieve the best possible outcome.
Below we’ve outlined some of the ways in which you can actively boost your chances of a successful transaction and make the most of your business sale ahead of retirement.
Plan aheadTo maximise your chances of a good price and/or a quick sale to the right buyer, it’s vital that you plan in advance and fully prepare. There is likely to be a great deal of competition (depending on the position of your market) and you’ll want to make your business stand out from the crowd if you want to achieve your ideal sale price and enjoy the swift transition that often comes with having your pick of the best buyers.
Sort your recordsHaving comprehensive financial statements and clean, comprehensive records will be a huge draw to any potential buyer, who would otherwise have to struggle through unfamiliar paperwork without any prior knowledge of how the business has been run in the past. Ensure all your core paperwork and documents are up to date, including any statements on profits and loss.
Get the right helpYou’ve probably heard it time and time again, but having the right team in place really is the key to a successful sale. No matter how much of the process you wish to be involved with, a sale will only run smoothly with the right people filling key positions.
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