The business sales process
No two business sales are ever the same. There are similar characteristics though. With this in mind here is a very general guide to a typical sale process. Contact us if you want to discuss your specific requirements.
The first step is a non-obligatory and confidential meeting with you to see if the conditions are right for a sale and that we have an understanding of business value. We will look at the various operating aspects of your business and get a feel for its salability. Together we shall then discuss the various options and answer any questions you may have.
Contact us by e-mail to discuss your requirements, or arrange an appointment with one of our directors.
Upon instruction we commit our full resources to selling business. You provide us with the necessary documents and data we require to compile an extensive Executive Summary and Information Memorandum. Two documents designed to generate interest and excitement in the marketplace. All your documents will be kept confidential until we have your permission to release them to an interested party
An overview of the kind of information we are likely to ask for. ADD LINK
Simultaneously we will be conducting extensive research and developing a bespoke marketing plan aimed at securing the greatest number of qualified prospects. We have access to global databases allowing us to search over 7 million businesses. Your approval for all of our marketing documents will be gained prior to executing the plan.
Upon expression of interest, each potential purchaser goes through our rigorous screening and qualification process. Only after your approval will details of your business be released.
Meeting are arranged with vetted and interested parties, giving you the opportunity to quiz the buyer while they get to find out more about your business. Meetings can be held in neutral locations in order to maintain confidentiality.
Once we have received an offer, we will immediately present it to you for your consideration. You may decide to accept the offer. Alternatively, you may wish us to draw up a counter-offer. At this stage most offers will be subject to contract and due diligence (see below). We negotiate to get you the best deal possible, ideally in a competitive environment with several keen purchasers.
Once you have fully understood the terms of the offer and have accepted it, we prepare a document called a Heads of Agreement or Heads of Terms. This is a mutually agreeable explanation of the deal and its terms in plain English. It is the document the solicitors use to draw up a definitive sale and purchase contract.
Simplistically, due diligence is similar to a survey for buying a house. It is the acquirers opportunity to verify information provided and satisfy themselves that the business is in good order. Due diligence is usually performed by the purchasers accountants and solicitors and covers financial, legal and commercial issues. Depending on the professionals involved and the complexity of the deal, the legal process usually runs from six to twelve weeks.
Once the legal process is finished, a completion date will be set where all the parties sign the final contract. Funds are exchanged and the business is transferred.
Finally, following completion there follows the handover or agreed consultancy.
So, how can we help YOU?
- Call 0845 644 0266 or 01225 460777 for a free appraisal of your business today.
- Contact us to discuss your requirements, or arrange an appointment with one of our directors.
- Join one of our mailing lists for news, new opportunities and relevant updates.
- Learn more about selling or buying a business.
- Visit our sister website www.businessvaluationreport.co.uk for our specialist valuation services.