Thinking of selling up?
One of the questions we often ask our clients is when do they plan to sell their business? We get all sorts of responses, ranging from "I’ve got no intention of selling it" to "We think the boys will take it over, but we’re not sure" to "I’d sell it tomorrow if I could!"
Whatever the response, the fact is the sooner you plan for the succession of your business, the more time you have to get things right and - in the case of a sale - maximize the price.
Here's some things to consider in preparing your business for sale:
- Business structure: is the optimal structure in place to ensure a smooth transition AND minimize your tax position after the sale?
- Contingency planning: what if you became incapacitated before you sold the business? If it depends too much on you, you’ve got a big problem.
- Valuation: many owners vastly overestimate the value of their business, so our job is to arrange a valuation and work with you to improve it before you sell.
- Team member communication and development: perhaps your buyer is already on your team?
- Planning your future: what will you do when your business is gone?
- Systems and processes: a business with comprehensive systems is almost always worth more than one without.
- Tax planning: ensuring you pay the minimum amount of your sales proceeds in tax.
If you're thinking of selling your business, no matter how far into the future that might be, get in touch so that we can help you achieve a successful outcome.