Selling your business is a big deal. For many people, their business will be their most significant investment, something that’s taken years to build; as a result, it’s important that the sale goes smoothly, and that you get an appropriate amount in return for it.
While it can feel like a daunting process, like everything, selling a business can be broken down into smaller, more manageable parts. Here, we take a look at what you need to know with expert help from the Dexterity Partners team.
Why you might sell your business
There are many potential reasons why you might consider selling your business. Some possible reasons include.
- Retirement: If you are ready to retire or want to pursue other interests, selling your business might be the best option.
- Personal circumstances: If you are going through a divorce, moving to a new location, or facing other personal circumstances that make it difficult to continue running your business, you might need to sell it.
- Opportunity: If you have received an attractive offer from a buyer, selling your business might be a good opportunity to cash in on your hard work and investment.
- Business challenges: If your business is struggling financially or facing other challenges that make it difficult to continue operating, selling might be the best option.
Ultimately, the decision to sell your business should be based on your personal circumstances and goals. It’s important to carefully consider all of the potential pros and cons before making a decision.
Where you can sell your business
There are several options for selling a business in the UK. Which option is best will depend on multiple factors, such as your existing industry connections, the niche that your business occupies, and the size of your business.
- Business brokers: A business broker is a professional who helps facilitate the sale of businesses. They can help you determine the value of your business, find potential buyers, and negotiate the terms of the sale.
- Online platforms: There are several online platforms that allow you to advertise your business for sale and connect with potential buyers.
- Print advertisements: You can advertise your business for sale in print publications such as newspapers or trade magazines.
- Networking: Networking with industry professionals, such as lawyers, accountants, and other business owners, can help you find potential buyers for your business.
It’s important to consider which option is best for your business and your individual circumstances. It may be helpful to seek the advice of a business broker or other professional to help you identify the best approach for selling your business. While this blog covers the bare basics, it’s crucial that you receive expert advice on each stage of the journey, to ensure that you remain legally compliant and get the value that you deserve from your life’s work.