It can take many months to create the best business plan from writers in the UK for sale smoothly, but it is advisable to consider an exit strategy as far ahead as possible – even several years. This helps you to define who the ideal buyer would be, and take practical steps to make your business as attractive as possible to potential purchasers.
One of the fundamental aspects of your business sale is being clear about the reason why you are selling. If you can’t clearly articulate this, you may arouse suspicion in prospective buyers that there is something to hide.
So, what else needs to be considered before putting the business on the market?
Let’s take a look!
Business Objectives
What do you want to achieve from the sale? Do you want the plans for business growth to manifest? Well, In a business, the main objective may be to secure the highest price. For example, or to sell as quickly as possible. Once this is clear, this aids a firm to prepare a business plan, and to define their objectives for the professionals. This will help and guide the process more effectively. This is similar to a SEIS Business Plan.
Business Value
When creating a business plan, It is crucial to obtain a professional valuation for your business from an industry specialist. A recommended business broker or accountant will take objectives for the sale into account and assess where your business lies within the market.
Research can be carried out as well, by investigating recent sales of similar businesses in your area, for instance. This will help you to gain a general understanding of business values, and the length of time it might take to sell your own.
This is very similar to a pitch deck. Click on our ‘‘Business Plan vs Pitch Decks’ blog to find out more information.
Arrangements in Order
Ensuring financials are organised and accurate will instil confidence in potential buyers. They need to see a range of clear and accurate financial documentation, including:
- simplified company reports
- historic turnover and profit figures
- asset valuations
- details of liabilities and debt
- profit forecasts
- incorporation documents
- leases and contracts
When creating a business plan – at the most basic level, potential purchasers will look for the level of income generated by a firm over the last few years, and the corresponding cost figures. A realistic and detailed projection of future sales and profits should also be provided.
Overhaul Business Premises
First impressions count, so cleaning and tidying the workspace is a good idea prior to placing the business on the market. Although it may not affect the amount offered, it draws people in, and demonstrates the care and attention to detail. This is very essential when designing the best business plan from writers in the UK.To learn more about our business workspace ideas on macramé and houseplants, check out our ‘Business ideas for 2019: Macramé and houseplants’ blog.
Review Systems and Processes
When running a business and preparing business plans for a long time, it is easy to forget that some of your systems and procedures may be a little outdated. Making sure using effective, streamlined and modern invoicing and credit control methods, for example, shows that you understand the importance of efficient in-house systems and their positive effect on business operations as a whole. This will enhance plans for business growth.
Diligence
Workers must always check contracts for any anomalies or uncertainties before presenting the business to the market. Staff employment contracts, supplier terms and conditions, and customer and legal contracts all need to be reviewed for any outstanding issues or potential problems that could derail a potential sale.This is another way to write the best business plan from writers in the UK.
You should also consider the intellectual property owned by your business, and if it is registered and up to date. A crucial factor for any potential buyer is their right to use the trademarks and patents associated with their investment, something they’ll be sure to check.
Taking steps to increase the value of your business – whether major changes are needed, or only minor adjustments – will ultimately allow you to present an appealing and inviting business proposition to interested parties.
Allowing sufficient time to prepare is paramount, so you can decide on your main objectives without pressure or risk of error.
Conclusion
The thought of preparing for a business sale and creating a marketing plan may be overwhelming, given the hours that you put in simply to operate your business. Getting ready for a sale requires a big investment of time and effort, but the payoff is finding a buyer who will pay a reasonable price. Use these tips to prepare for a sale and get a price that you deserve. This blog discussed the importance and the different aspects of preparing sales in a business.
