Things To Do When Selling Your Business

When it comes to negotiating the deal they are there to ensure that your interests are safeguarded and drive the deal through to conclusion, leaving you to wonder what you were worried about!
 
Aug. 21, 2009 - PRLog -- Running your own business is a truly satisfying experience, as most people who have done it will confirm. The "buzz" you get operates on a number of levels, not least of which are the feeling of being your own boss and in control of your own destiny, and the challenge of driving the business forwards, thinking of the next idea to give you an advantage over your competitors.

However, nothing is forever. Eventually you will reach the time when you want or need to dispose of the business, and then you will need to devise a suitable exit strategy. Assuming that your company is generating healthy profits, your exit strategy will probably entail selling a business, rather than winding it up - at least, that is the assumption behind this short article.

I think we all probably realize that when we are buying a business we need to employ professional business transfer agents. After all, there are all the legalities to attend to, the searches, valuations and negotiations. Perhaps it is not quite so obvious that we also need professional help us to dispose of a business, but that is certainly the case if we want to employ the best possible exit strategy, and maximize our return on the disposal.

Just as you need to carry out a thorough review of a business before you give serious consideration to buying it, you need to go through a similar process before selling your business.

How much is your business worth?
How will the sale of the business affect your personal taxation situation?
How will the sale of the business impact on your pension arrangements, and what do you need to do to safeguard your pension?
These are just three of the considerations that you will need to take into account, and it is vital that you get the best possible advice on all of them.

You will need a good accountant who is experienced in working on selling a business to examine your accounts and give you informed advice. You will need to ensure that you have filed your statutory accounts up to date, but any prospective buyer will also want to see monthly management accounts and asset registers for the period since the last statutory accounts. This information will enable them to see the up to date financial situation of your business, and satisfy themselves that the business has been run in a professional manner. They will also want to see forecasts of future profit & loss and cash flow.

Of course, a buyer will  want to see that your business has been generating healthy financial results. If your company is a loss making concern you will find the process of selling a business much harder.

Sound personal taxation advice is very important if you are to maximize your financial position as regards the sale. Capital GainsTax rules need to be taken into account fully, as do the regulations as regards Trust Funds. Changes to the relevant regulations take place quite often, and you will need an advisor whose knowledge on these matters is right up to date.

Personal pension rules are also constantly changing, and it is very important that you obtain sound advice on these matters before devising a business exit strategy. After all, you will definitely want to safeguard your future pension prospects to the best of your ability!

It will take quite a bit of time to put into place an effective exit strategy for selling a business and carry it through. You should anticipate that the process could take several years. This includes a period of time to make sure that the company's profits are maximized, thereby enhancing its appeal to potential buyers.

There is no doubt that selling a business is extremely complex, and is probably one of the most important processes that you will experience in your working life. It therefore makes sense to ensure that you employ the best possible expertise to guide you through the devising and implementing of an appropriate business exit strategy.  An experienced firm of business transfer agents will certainly be able to smooth your path through this process. They can help you to evaluate the worth of your business, and to implement a business exit strategy that is designed especially for you. Additionally, they can ensure that you receive the best possible advice throughout the process.

When it comes to negotiating the deal they are there to ensure that your interests are safeguarded and drive the deal through to conclusion, leaving you to wonder what you were worried about!

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Have an extensive background in many different types of businesses as the founder, owner, general manager, marketing manager and sales manager. For more information about Eric D. Wayne, visit http://www.amazingsouthfloridabusinessesforsale.com.
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