An accountant’s guide to selling a business

By Lancashire Business View

06 Dec 2018

jonathan-seedall-pierce-1000x500.jpg
Selling a business is something that affects most business owners at some point. Its a major milestone in an entrepreneurs’ journey and often an individual’s retirement fund, therefore accountants’ guidance is imperative to maximise the return.

By Jonathan Seedall, Pierce.

Planning a sale should take three to five years to increase the potential return.

A business should formulate a strategic plan so can management work in conjunction with them to achieve set milestones. These will inevitably be requested by purchasers so strong plans would boost the business valuation.

The price a prospective purchaser would pay for a company is often determined with reference to maintainable profits or performing assets.

The company should address the following areas at their earliest convenience: Clean up your accounting records and obsolete assets Dispose loss-making departments or projects Structure the business to minimise tax liabilities Remove reliance from current owners Your accountant and business advisers will help you consider additional pension contributions prior to sale to save corporation tax and increase your own retirement funds.

Business property ownership needs to be considered if it becomes part of the deal or retained as an investment. In the three years prior to sale, the plan should ensure growth is achieved and gross profit percent is increased or maintained. Your accountant can also assist with finding a buyer through professional contacts and networks, several possibilities can lead to a competitive bidding process.

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