Preparing Your Business For Sale
Preparation is key to a successful business sale. Part of this process is ensuring you and your business are well-documented and operating fully within the law.
As a basic starting point you should have good quality records of financial and commercial data applicable to your company, and maintain this up to date. This applies to accounting data - both historical Financial Statements (or Accounts) and ongoing management figures.
Almost all businesses use a commercial management accounting software package such as Sage, Quickbooks, Xero or Kashflow. These are especially useful for providing prospective buyers with a current snapshot of your business's financial performance. Together with the last 3 (or even 5) year's worth of accounts these help to present the buyer with a good illustration of your company's track record.
The main items required to prepare your business or company for sale are as follows:
1. Accounts. 3 full years including the latest financial year
2. Management Accounts for the current financial year-to-date
3. A list of assets, fixtures, fittings and equipment. As up to date as possible and with full descriptions, particularly of machinery, test or calibration equipment etc.
4. Staffing details (be careful with GDPR requirements though)
However every company has far more documented information available and a Checklist is available which will cover the requirements for most types of business for sale.
As part of our service, confidentially, and free of charge we will assist you in preparing for sale and in providing a market valuation.
Please get in touch via the Contact Form to the right or call 01264 891035.
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