7 Top Tips For Selling Your Business

Selling your business top tips The most popular exit strategy is the sale of a business.

1. Prepare for a sale years in advance

- Maintain a file of your audited / reviewed accounts going back as far as possible. - Maintain a file of legal documents and keep this updated. - Exit at a time of strength, plan your exit in advance.

2. Engage a team of advisors

- Best way to achieve the highest selling price. - Minimise your tax burden, don’t ignore the impact a sale has on income tax. - Ensures necessary agreements and documents are correctly prepared and signed.

3. Research

- Open auction is not always the best option for sale. - Work with advisors to research the most suitable potential buyers. - MBO increasing in numbers of late.

4. Know your price

- Have a reasonable expectation of the price. - Know the market price of your business & research similar recent sales. - Inflated prices can turn off or slow down a sale.

5. Prepare for due diligence

- Consider having your own due diligence review done first. - Disclosed potential negative factors – no surprises save you money and time. - No what information the buyers due diligence advisors will want.

6. Be flexible

- Consider staged payments. - Considered contingent payments. - Consider selling stock or assets buyer does not want.

7. Don’t let time drag

- Work with your advisors. - Meet deadlines set for you. - Ensure strict deadlines are scheduled for the buyer. Plan ahead and get advice to complete the sale of your business successfully.

What questions do you have?

We are happy to help. Please post your comment below or call Lisa Byrne, Audit Manager at Cooney Carey, on 01 677 9000. Alternatively, send her an email: lbyrne@cooneycarey.ie 

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