SUFFOK, ENGLAND, March 26, 2012 (Press-News.org) Many buyers generate cash from trading and, rather than it earning only bank interest of, say, 3% use that cash to expand by buying other businesses. On average my team is successfully completing 9 or 10 sales every month.
Start with tax advice and do the numbers
Sellers can, with the right professional advice, pay no more than 10% tax on sale proceeds; a rate that compares favourably to income tax at 50%. So far so good, but work out what you are left with after paying tax. What return will you get on that capital? How does that compare to the income you now get from your business? The legal agreement for the sale will say that you cannot compete with your old business for at least two years, what will you do for income in the meantime? Make sure you understand that before starting.
How key are you to your business?
If your business cannot survive without you then it is probably not saleable. Ideally you should have a strong, independent team that will work for a buyer. The closer you can get to that ideal the more likely you are to successfully sell.
Are you willing to stay on?
Most buyers will want you available for a month or two, to introduce them to your customers and hand over. A few months is fine, but sellers find it difficult to stay longer; the buyer will want to run "your baby" his way, and he will treat you as his employee. If that's not for you, say so, early!
Clear up Headaches
If your business has a dispute, get it tidied up, quickly. You can sell a business "warts and all", but most buyers won't want to buy into a headache.
Stay friends with the Buyer
Too many sellers get emotional about selling and regard the whole negotiation as a fight. If you did that with a customer you would lose their business; a buyer is no different. A buyer has to look critically at your business. You have to be open, honest and trustworthy throughout. Keep talking to your buyer, don't "leave that to the lawyers". If you lose the buyer's trust you can expect to lose the buyer.
About Greene and Greene
Greene & Greene in Bury St Edmunds is a long established firm advising individuals and businesses based all over the UK.
For more information contact:
Hannah Ruffles
Marketing Manager
Email:hannah.ruffles@greene-greene.com
Website:http://www.greene-greene.com/
Telephone: 01284 762211
Chris Thomson, Solicitor at Greene & Greene, Offers Advice to Those Thinking of Selling a Business
Despite gloomy economic news, businesses are still selling, for good money. The trick is to find a buyer that is not dependent on substantial bank funding.
2012-03-26
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[Press-News.org] Chris Thomson, Solicitor at Greene & Greene, Offers Advice to Those Thinking of Selling a BusinessDespite gloomy economic news, businesses are still selling, for good money. The trick is to find a buyer that is not dependent on substantial bank funding.