The process of selling your business can be broken into 3 stages:
- The Preparation
- The Selling
- The Completing
Each stage requires a certain amount of thought and organisation but as the saying goes….
Failing to prepare is preparing to fail!
So whilst each stage is important, having all your ducks in a row – all your preparation done – means you have laid a solid foundation to ensure you get the value for your business that you are looking for.
So what do you need to prepare?
Let’s start right a the begining – what are you selling?
Are you a sole trader, a partnership, ltd company? Ensuring you are clear on your legal personality means you are able to determine what you can actually sell. For the nitty gritty on each entity read the attached extract from Business For Sale by Anthony JD.