Selling a business can be both a rewarding and difficult decision which is where Business Monkey comes in. It’s important to understand the process of selling a business and prepare yourself for the potential challenges you may face, it looks easy from the outside, but the level of skill needed in navigating the sale process can’t be underestimated.

The first step in the process is to assess the value of your business. This can be done by determining the current market value of your business and taking into account any potential market fluctuations. You should also consider the revenue potential of your business, as well as its competitive advantages. Valuing a business isn’t an exact art form, there are differences in multipliers, there a variables and most importantly there are people because despite everyone’s best effort the value is driven by what someone will and can pay for your business.

Once you’ve determined the value of your business, you can begin the process of finding potential buyers.

You’ll want to identify potential buyers who are a good fit for your business. Business Monkey will take you through the advertising process, we will research the market to find buyers who have similar interests and experiences to yours. We will also reach out to other businesses in your industry or to potential investors. Once we’ve identified potential buyers, we will need to negotiate the terms of the sale. With your help we will decide on the price of the sale, as well as the payment terms. You’ll also need to determine whether you’ll be responsible for any outstanding debts or liabilities. We will take you through this process and help you and your accountancy/legal team navigate the process to a successful conclusion.

Visit businessmonkey.co.uk for more helpful advice and support.