How/where to sell a business

[divalou]

Hi there;
I am thinking of selling my business as a going concern, Ive had enough of the hassle and want to move abroad!
Anyway, I haven't got the first clue of where to start, where to go and what the process involves.
Can anyone give me some advice?

Thanks!

Lou

 

[dawncbn]

Hi there;
I am thinking of selling my business as a going concern, Ive had enough of the hassle and want to move abroad!
Anyway, I haven't got the first clue of where to start, where to go and what the process involves.
Can anyone give me some advice?

Thanks!

Lou

Firstly don't rush into anything!!!! If you go with a commercial company who specialise in selling business's then tread carefully. They will ask for about £800 upfront when you sign up with them, then you will have to pay a commission on top. But, and this is where you have to ask questions, check small print, they can sign you into 15 months and more, if you decide to take the business off the market with them, (because you have had no phone calls, or interest or just change your mind), then they will take you to court for the couple of thousand pounds that they would have made from you if they had sold the business!!! This happens and its rife, so be very very careful.

I would advertise in your local paper, ebay, internet. First of all try to do it yourself or get a solicitor to check any contract if you decide to go with one of the companies that i mentioned above.

One other point, I like you, was fed up with UK, business etc, sold everything, moved abroad, 2.5 yrs later I hated it, moved back, now back in business
So, hindsight, if you sell up everything, rent first. Rent for several months before you make up your mind. Buying abroad is the easy bit, living there and then trying to sell is the hard bit Just a bit of advice from someone who has been there and done it. Lots of people love it but lots of people want to come back, find they can't sell and end up being just as unhappy!

 

[Ruth Mills]

Whatever you do, beware of capital gains tax! Ask an accountant for advice first! You don't want Gordon eating up too much of your hard earned cash!!!
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[tog]

It would be worth getting 2 quotes from commercial estate agents - one for selling your business as a going concern, and one for selling purely the premises, ie bricks and mortar and not goodwill etc. The way they charge will be different, and I suspect as someone else has already said, that selling it as a going concern is a little more complicated.
I remember a few years ago getting my business valued both ways, and I seem to remember that to sell it as a going concern the agent valued it at more than just a premises valuation, but would have taken more commission from me.

 

[gemma0408]

Hi,

get it valued by 2 or 3 different people first so you know how much you can sell it for then go on Daltons or get an agency to sell it for you? If you use a agency like Knightsbrige they take a percentage and VAT so be careful xxxx

 

[gemma0408]

Whatever you do, beware of capital gains tax! Ask an accountant for advice first! You don't want Gordon eating up too much of your hard earned cash!!!
Posted via Mobile Device

Capital gains tax? what is that Ruth? xxxx

 

[divalou]

well we pay rent for the premises at the moment, can you still sell the business?

 

[persianista]

yes you can just sell the business. the price will be calculated based on previous years profits. Your accountant should ensure all relevent audited accounts are ready. Once your business is valued, a good starting point is your local paper, then Daltons weekly. commercial estate agents are good as a last resort.