Selling your business

25 Nov 2021

Various aspects of preparation for the sale will be covered and then once the decision to actively sell has been
taken, in broad terms, the sales process breaks down into 5 steps:
STEP 1: Establishing the Seller's Needs - above all the sale must meet the vendor's needs both financially and
in other important respects.
STEP 2: Preparing the Sale Document (sometimes called the Information Memorandum or Confidential
Briefing Document) - it is very important to present the business in the best possible light as well as providing
the key information buyers wish to see.
STEP 3: Marketing the Business - the business will need to be advertised as widely as possible, and normally on
an anonymous basis.  The target audience generally needs to include potential trade buyers, investment
houses and other professional advisers. Targeting may need to be very specific if the sellers are concerned
about market impact. 
STEP 4: Negotiating the Deal – the initial negotiation of a comprehensive Heads of Terms document setting out
all the key terms agreed between buyer and seller. The target scenario is to have several potential buyers
undertaking negotiations concurrently.
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STEP 5: Managing the Legal Stages and Due Diligence -  this can be very time consuming and fraught with
potential complications but are a necessary evil to a successful sale completion.