It’s a common misconception amongst business owners that the hardest part of selling a business is finding a willing buyer. The reality for many business sale deals is that even once an offer and acceptance is negotiated you may not be at the halfway point in your business sale journey.
Is your Business Sale Ready?
1: Know your Business,
It’s a fundamental requirement to know and understand your numbers: past, current and by way of a forecast at least the next 12 months and ideally 3 years. Management accounts should be completed and produced in a timely manner. These should include adjustments for pre-payments and accruals – the profit for the period under review should reflect what’s happened. The balance sheet should balance be up to date. Assets recorded in your depreciation schedule should be current and still in possession of the business.
