Use a third party to manage the sale process
Agree a strategy for sale, including who, when and how to approach.
Agree a baseline price with your adviser.
Make sure your adviser is incentivised to maximise value, manage the process and focus on key issues.
Use your adviser to negotiate, acting as a buffer between the parties.
Be prepared to step in in the event of deadlock but always consult your adviser first!
Understand what is important to you
A clean exit
Paying less tax
Marketing the business
Be realistic about the strengths and weaknesses of your business.
Consider whether your management team may be appropriate purchasers of the business and can attract appropriate funding (MBO).
Keep your eyes and ears open for potential third-party approaches.
The best buyer is often the one you want to sell to the least.