10 steps to selling your business with bizmove
1) Get a Business Valuation from Bizmove
Before you start thinking about how to sell your business, you first need to understand how much it is worth. At Bizmove we provide a free online business valuation for business owners who want to receive an accurate price for their business. Once summited, we will provide you with feedback and ideas on the best way to market your business.
2) Receive Your Marketing Documentation
When it’s time to sell your business, it is important that you have all your documentation in order. This demonstrates to potential buyers that you are organised and professional. If you decide to opt into our Business Sale & Transfer Service Package or Business Sale Programme Package, we will provide you with a full list of business sale and marketing documents. This will include a confidential business summary, sale memorandum, a legal disclaimer and non-disclosure agreements.
3) Identify Your Target Buyers
Many business owners mistakenly neglect this step, instead opting to target anyone and everyone. However, if you identify your target buyers now, you will save time and can focus your marketing efforts on the right buyers who will pay more for your business. At Bizmove we can do this step for you, using our extensive database of qualified buyers and investors, we can quickly match buyers who are looking exclusively for a business just like yours.
4) Launch a Full Confidential Marketing Programme
How you advertise your business for sale largely influences the value and time it will take to sell your business. If you are determined to get the best price for your business in the shortest amount of time, you should opt into our Business Sale & Transfer Service Package or Business Sale Programme Package. We will provide full confidential marketing and advertising for your business using a variety of traditional and modern marketing techniques to reach the very best buyers.
5) Qualify Your Buyers
The next step is to qualify out the time wasters from the pool of potential buyers. Unfortunately, if it sounds too good to be true it usually is, do not be fooled by buyers who promise to buy now then pay later. Avoid time wasters by asking these questions; Have you previously bought a business? How would you intend to fund an acquisition? etc. If you opt into our Bizmove Business Sale & Transfer Service Package or Business Sale Programme Package. We will take all respondents through a process of qualification, ensuring confidentiality agreements are signed, interest is credible as is the affordability before putting them forward to yourself.
6) Meeting The Buyers
Once suitable and qualified buyers have been identified the next stage is for you to meet these buyers in person. This gives you and the buyer the opportunity to find out more information about the other and the business. Meetings should be held in neutral locations in order to maintain confidentiality, while facilitating the flow of information. At Bizmove we recommend you meet with a couple of buyers, so you can identify those who are best suited to acquire your business.
7) Receive Deal Negotiation Support
Now it’s time to start talking about offers and setting a deadline with those interested buyers. Remember how you handle these negotiations can make or break a successful business sale. If you are too greedy or rely on only one buyer, there is a risk of receiving a lower offer or the buyer simply walking away. At Bizmove we recommend that you negotiate with multiple buyers, this creates competitive tension and typically drives up the purchase price and quickens the pace of buyers. However, these situations should be handled carefully and respectfully. At Bizmove if you opt into our Business Sale & Transfer Service Package or Business Sale Programme Package. You will receive full deal negotiation support from our team who will guide you through the process from start to finish, guaranteeing a higher offer for your business.
8) Receive Your Sale Documentation
Once you have received an offer in writing and accepted, you need to have the sale documentation ready to enter into the completion phase. At Bizmove if you opt into our Business Sale & Transfer Service Package or Business Sale Programme Package. We will provide you with the sale documentation which includes the heads of terms and sale/purchase agreement. These documents detail the structure of the deal (including price and payment terms) and an agreed road-map for key events in the completion phase. This is then agreed between all parties and the buyer is given an agreed exclusivity period to allow a deal to progress.
9) Due Diligence
Once the preliminary agreements are settled, the next stage is the detailed process of due diligence undertaken by the buyer. This is their opportunity to review all your businesses legal and financial information provided by yourself, in preparation for the sale. This will include additional data that was not previously supplied prior due to sensitivity. If you opt into our Business Sale & Transfer Service Package or Business Sale Programme Package, the Bizmove team will provide you with support during the legal and accounting due diligence process.
10) Completion & Handover
The final stage of the business sale process is the completion of the sale and handover. Once all contracts have been signed a completion date will be set where all the parties sign the final contract. Funds are exchanged and the business is transferred. Finally, following completion there follows the handover or agreed consultancy between the buyer and seller which the bizmove team can support you through.