As said before, selling a business is a procedure that should not be attempted alone, especially without the use of professionals. A buyer will almost certainly use assistance to help them buy a business and without the use of professionals, you could end up being on the wrong side of the deal.
There are three main sources of professional assistance that you should consider using: accountant, solicitor and business broker. It may be that you already employ a qualified accountant to deal with your accounts and so they should gladly further assist you throughout the process of selling.
An accountant will be used to create up-to-date accounts that will be required by the buyer (to be looked over by their accountant) to review your financial information. They can further be used to help put a value on your business, as they will know the best method to obtain a realistic price. In most cases, a buyer will depend on the seller (you) to help them finance the sale: in which case, an accountant can draw up a policy that can allow the buyer to, say, pay instalments.
Using a solicitor will help sort out any legal issues when you sell the business such as the contracts and any other documentation that will be required throughout the process. They should also be used to clear up any outstanding legal issues that your business may have so that it does not reflect badly in the eyes of the buyer. Solicitors (and accountants) can be used for advice at any time should you be faced with decisions that would be better off with a professional response.
When consulting assistance be cautious, as they will often attempt to expand their role as much as possible into areas that you can easily compensate for. As a result, they will increase their fees in proportion with their involvement. It is therefore important that you set up a contract between yourselves stating the limitations on their involvement and of course, fees.
Throughout the article, we will highlight and advise when professional assistance may be required. The above assistance can alone help sell a business, but it is advised that you use a business broker to further successfully sell your business.
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