Philip Astles, Managing Partner of Kidd Rapinet in Slough, specialises in all aspects of Commercial Law. Here he explains a commonly asked question “What do I need to do to sell my business?” In order to sell your business it is essential that you plan ahead. Your accountant and an experienced solicitor can provide guidance and advice to help you make a 12 month professional action plan to aid you in selling your business. This will help you prepare in order to receive offers that reflect the true value of your business. Try viewing your business from a buyer’s point of view. You would want and expect all documents relating to the business to be in order and organised.

1. Philip Astles, Managing Partner of Kidd
Rapinet in Slough, specialises in all aspects
of Commercial Law. Here he explains a
commonly asked question “What do I need
to do to sell my business?”
In order to sell your business it is essential that
you plan ahead. Your accountant and an
experienced solicitor can provide guidance and
advice to help you make a 12 month professional
action plan to aid you in selling your business.
This will help you prepare in order to receive
offers that reflect the true value of your business.
Try viewing your business from a buyer’s point of view. You would
want and expect all documents relating to the business to be in or-
der and organised.
Philip Astles
What do I need to do to sell my business ?
Slough office contact details: Kidd Rapinet
Parliament House, St Laurence Way, Slough, Berkshire, SL1 2BW
From within the UK: 01753 439089
From Overseas: +44 (0) 1753 439089
FAX: 01753 820501
DX: 42269 Slough West
Main Kidd Rapinet Website
Listen To The FULL Live Interview

2. Philip Astles
Slough office contact details: Kidd Rapinet
Parliament House, St Laurence Way, Slough, Berkshire, SL1 2BW
From within the UK: 01753 439089
From Overseas: +44 (0) 1753 439089
FAX: 01753 820501
DX: 42269 Slough West
Main Kidd Rapinet Website
www.kiddrapinet-slough.co.uk
What do I need to do to sell my business ?
The buyer will have their own professionals look closely at the
business, they would be looking to see that the profit and loss
records are up to date, they will also expect you to have copies of
all contracts with any suppliers, licences for any software your
business may be using, your certificate of incorporation of your
business, details of the trademark relating to the business and that
all the staff has up to date employment contracts in place.
You should also keep separate files for each employee, containing
a copy of their employment contract and details of annual
appraisals, along with any pay raise request and you response to
these.
You may have had difficulties keeping your records updated due to
being busy running the business alone, or due to financial issues
that may have prevented you from getting employment contracts
in place.
You may also have unresolved issues; these issues need to be re-
solved at least 12 months before inviting offers.

3. Philip Astles
Slough office contact details: Kidd Rapinet
Parliament House, St Laurence Way, Slough, Berkshire, SL1 2BW
From within the UK: 01753 439089
From Overseas: +44 (0) 1753 439089
FAX: 01753 820501
DX: 42269 Slough West
Main Kidd Rapinet Website
What do I need to do to sell my business ?
You need to be upfront about any outstanding issues that haven’t
been resolved, because if the buyer’s professionals find that these
issues are ongoing, they will become concerned and leave them
questioning if there may be other problems that you haven’t
disclosed to them.
It is good practice to keep any correspondence between yourself
and your landlord, along with a full copy of your lease agreement
as the prospective buyer will want to view these.
The buyer wants to see that the business is organised and
profitable. If they are left waiting for you to find relevant
documents regarding your business, this will leave them forming a
negative view of the way you have been running your business.
Their solicitor or accountant may advice against buying the
business due to it being unorganised, or they may suggest making
an offer below the true value of the business, as they view that
because the business is not organised it may cause further
problems down the line.
However if they still decide to buy your business, and problems do
arise that you should have resolved, the cost of rectifying these
issues will be deducted from your future payments.
This is why being prepared from the start is essential as the
alternative will end up costing you money.

4. Philip Astles
Slough office contact details: Kidd Rapinet
Parliament House, St Laurence Way, Slough, Berkshire, SL1 2BW
From within the UK: 01753 439089
From Overseas: +44 (0) 1753 439089
FAX: 01753 820501
DX: 42269 Slough West
Main Kidd Rapinet Website
What do I need to do to sell my business ?
When you do sell your business it is likely that that you will be paid
in instalments over an agreed time.
It is also likely that the buyer will want you to continue working in
that business for a set time.
So although you will no longer own the business, you cannot nec-
essarily leave immediately.
Do not use company sales agents when you decide to sell your
business.
Contact an experienced solicitor in this field and your accountant,
to discuss putting a professional plan of action in place to sell your
business for its true value.
They can give you a clear idea of what paperwork/documents the
potential buyer will require.
If you need more information
on what you should be doing
to sell your business call me
on 01753 439089.