Businesses owners could be missing out on a successful sale of their business as well as not realising its full value. Research shows that only a third of business owners manage to do this successfully. One of the biggest challenges that business owners face is to do with pricing. Inexperienced sellers often set the price too high before they have determined the value of their business. Price is one of the most important factors and will determine how long your business stays on the market. Making sure your business conducts the correct research on market prices and positioning will ensure you have a smooth and speedy sale.
Planning early is extremely important when you are considering selling your business. Conducting the correct market research into the financial climate, market trends and potential buyer profiles will give you a good indication about the market conditions and when the right time will be to sell your business. As well as researching the market it is also key to establish the price you want to achieve from the sale of your business and discover how you will get your business up to those standards. Your business needs to be attractive to potential buyers and have a strong management team to assist with the sales process.
If you are considering selling your business and need further advice on this, our Consultant Colin Howe will be happy to discuss this with you.