7 steps to successfully selling your business
You’re making a big decision to sell your business. Rest assured that we’re well prepared with a plan of action cultivated from our previous experiences that make it as straightforward as possible for everyone involved:
Step 1 - fact find
The first step is that we ask you to complete a completely confidential and secure fact find so we have the information we need to initially assess your business. It should take between 10 minutes - 45 minutes to complete depending on how easily you can access your info.
It’s not essential you do this before the discovery meeting, but it helps to speed up the process and it’s information we’d need to know before we would be able to generate an offer.
Step 2 - discovery meeting
We’ll have a chat about why you’re looking to sell, what you could expect from us and get an initial idea as to whether we’d be a good fit for each other.
By getting in touch you’re not committing to selling your business and we’ll keep your enquiry to ourselves. There’s no harm in having a chat and putting the feelers out there.
Step 3 - offer calculated
We use a complex calculator based on several facts about your business to determine our offer. You will get a fair price from a reliable company with the means to back it up.
Step 4 - deposit agreement
If both parties are looking to proceed, a deposit will be paid and an initial agreement signed which states that the deal is going ahead as long as everything stacks up in the due diligence.
Step 5 - due diligence
Before we can sign on the dotted line of the full agreement, we need to check over what we're purchasing and prepare for a seamless transfer.
You’ll be provided with templates to populate to prepare your data for transfer and our team will be on hand to support you with anything you need.
You can find out more about the due diligence process or read some handy tips on how to prepare your figures ahead of selling your business - this can be a huge help if you’re looking to move quickly!
Step 6 - full agreement
Once all the due diligence is complete and a transfer date has been set, the full agreement will be drafted and signed by both parties.
A deal can be done without solicitors and the associated costs but it’s completely up to you if you’d like to pay for solicitors to represent you. We don’t mind either way.
Step 7 - transfer date
A plan of action will be put in place to pinpoint exactly what needs to be done before the transfer date and on the day itself.
The day of transfer is usually very straightforward thanks to thorough preparation in the due diligence process.
Communication is key throughout so we can work effectively and ensure there’s minimal disruption to customers and any team members moving over.
Do you have any more questions about how the process works? Or are you considering selling your lettings business? Let’s have a chat!
