As part of Wealden Business Group’s regular schedule of external speakers, the group recently welcomed accountant and mergers and acquisitions specialist Gary Morley, author of ‘How To Sell Your Business And Live Happily Ever After’.
This was Gary’s list of ‘Do’s and Dont’s’ for anyone wanting to sell up…
- Don’t alienate your family. It’s the beginning of a new era, so keep them onside. They may have an emotional and/or financial stake in the family business.
- Ensure you get competitive quotes from those who may be interested in buying your business.
- Keep schtum. If your intention to sell leaks out, the consequences can be unpredictable.
- Consider letting your staff execute a Management Buy Out (MBO). These can be complex, and remember that colleagues may have to mortgage their homes to realise the cash.
- Don’t declare what you think your business is worth. A potential purchaser may have a bigger figure in mind.
- Get offers in writing. It gives you greater time to think about the deal.
- Keep your eye on the ball. A sale may involve a lot of meetings, but ensure your business continues to run smoothly in the meantime.
- Bad advice is the most expensive advice. Hiring an ostensibly cheap M&A adviser without checking their credentials and experience could result in a failed sale.