Posted on February 6, 2020
Powerful Tips on Selling a Small Business in UK
Selling a small business is very much different when you are selling certain products and services. You will need to take into consideration a lot of things to make sure that you comply with certain federal rules and regulations.
You can also look for business mentoring services online.
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Here are some powerful tips in selling your small business:
1. Think of an exit plan: You may think that this is something that you can put on the back seat but let me just tell you that this is one of the most important things that you need to consider when letting go of your business.
2. Valuation: For your own protection, I recommend that you hire a certified public accountant who can help you prepare your profit and loss statements together with other documents that can help determine the real market value of your business.
3. Hire an attorney: You will need the help of the lawyer in preparing the contract of sale. Unlike when selling your car or your real estate properties, selling a business involves more complex variables and this can really confuse you especially if you don't have relevant experience.
4. Hire a broker: If you don't have the time or the patience to look for potential buyers, I recommend that you hire an experienced business broker who's got great selling and negotiation skills.