When selling a business your main aim is for you to get the best deal possible, to increase the chances of this happening preparation will be required. You will need to adopt a structured approach to marketing your business, you will also need to use sound negotiation techniques. Here are some things to consider;

Why are you selling? – You need to convince people the reason you are selling the business is genuine, otherwise prospective buyers may believe there is a problem with the business.

Timing – You need to choose the right time to sell, there are many factors that govern this, it could be your business performs well at a particular time of year, the strength of the economy, how well your sector is doing or simply the future outlook.

Market Research – You need to look at what will be the best way to advertise your business, you also need to list your business at a price so there is scope for negotiation.

Documentation – You will need to have all relevant paperwork to hand including; accounts, supplier information/contracts, receipts, lease details if required, servicing and maintenance records of machinery. This list could be very long, simply get as much information together as possible and have it easily available and put together in a structured manner.

Start your Marketing Campaign – Place your adverts listing the business for sale, make calls and spread the word, make sure your staff are fully aware the business is being sold well before you start this process.

Dealing with Enquires – This is the time when you meet prospective buyers, it is important you portray the right image for your business. You will need to have all the relevant information to hand. For large businesses a sales team is usually put in place, these will include experts in certain areas.

Be helpful – The buyer may have some sensitive questions or some irrelevant ones, the best way to deal with this is in a calm and helpful manner. When selling a business you still have your reputation and integrity to uphold.

Negotiation – Some people are good at this others not, the best way to look at negotiation is as a natural process within business. No side should have the upper hand, if done in the right manner negotiation can actually be an enjoyable process rather than a stressful one.

Completion – Simply because you have been paid the money and handed over the keys, you still have a moral responsibility to the new owner to make sure his ‘bedding in’ period runs smoothly, many a good reputation have been lost by people who do not adhering to this.