Four people to consult when selling your business

By DRN Solicitors

17 Oct 2018

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Selling your business might have been your ultimate aim, but it’s not everyone’s goal.

There are decisions to be made far beyond when you want to sell up. For example: who are you selling to? How long will it take? How much are you willing to sell your business for? After all, you’ve built this business from the ground up with the effort and support of those close to you. It’s not a choice you’ll make lightly. To help you, there are four people who you should include in the process, to clarify your options and help you to see the wider picture.

Solicitor 

When it comes to selling your business, if you’re in the thick of it, it can be hard to see above the parapet to the market beyond. Your solicitor will prepare you for the “due diligence” any buyer’s solicitor will undertake as part of the buying process.

Accountant 

Employees 

In this case, timing is of utmost importance given commercial confidentiality. It’s often a good idea to speak with your solicitor about when your employees should be told.

Family

Whether your family were instrumental in the start-up of your company or not, your family should be one of the first groups of people you consider first, as they’ll be affected by it most closely. Take time to discuss the sale with your family, especially anybody close to you with a vested or personal interest in the business. This will help you to make decisions with the opinions and wishes of your family in mind.

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