Are you thinking about selling your business? If so, there are a few things you need to know in order to make the process go smoothly. Here is a brief overview of how to sell your business:
First, you need to determine the value of your business. This can be done by hiring a professional appraiser or broker. They will take into account factors such as the size of your business, its location, its history, and its current financial state. Once you have a good idea of what your business is worth, you can start searching for potential buyers.
You may want to sell your business outright to another company or individual. Alternatively, you may want to sell it through a broker. Selling through a broker will likely take longer, but it may net you a higher price. However, if you want to be more discreet you may want to reach out to a possible buyer directly.
The buyer usually will need general information in order to analyze your business. Here is a list below of what is usually needed:
- Ownership structure (including subsidiaries and holding company)
- List of all directors and shareholders
- The last three years filed or statutory accounts
- Last financial year’s monthly management accounts (P&L/income statement and balance sheet)
- Current year monthly management accounts (P&L/income statement and balance sheet)
- Current year forecast and future years (if available)
- Current balance sheet
- List of current mortgages, charges, and debentures
- List of personal guarantees
- Summary of any debt (with related security), leases, and hire purchase-including amount
- outstanding, debt provider and period left to run.
- List of current employees (can be anonymous) covering role, year’s service, annual salary & benefits provided
- List of top 20 customers (by annual sales) (can be anonymous)
- List of top 20 products/services (by annual sales)
Once you have found a buyer, the next step is to negotiate a purchase price. This is where having a professional appraiser or broker can be helpful, as they can help you determine a fair price. Once you have agreed on a price, you will need to draw up a sales contract. This contract should include all the details of the sale, including the purchase price, any conditions of the sale, and when ownership will be transferred.
Once the contract is signed, you will need to transfer ownership of the business. This usually involves transferring the business’s assets and liabilities to the new owner. You will also need to transfer any licenses or permits associated with the business. Finally, you will need to inform your employees of the sale and transition them to the new owner.
Selling your business can be a complex process, but with careful planning and execution, it can be a successful one. Hackett Lu Holdings LLC acquires established business enterprises in the metro Atlanta area. We work directly with business owners looking to exit their business. We are the safe trusted pair of hands that you can trust to take over your business.
If you are ready to sell your business please contact us at (470) 758-9123 or email us at email@example.com.
If you are ready to sell right now please complete our online form here.
All of our correspondence with you is discreet and confidential.