You’ve decided to sell your business. You like the idea of a new challenge or maybe retirement into the sun. But when the time comes will stepping back from your business be that easy?
Here at Jones Harris we’ve contributed the benefits of our advice to a special feature about selling a business in Lancashire Business View magazine. In case you don’t see it, here’s our article:
Stepping Back from your Business
Ideally, at the point of sale, you should be able to make a clean hand over to the new owner. It’s important that they should be in a position to continue operating efficiently without you – both for your sanity and their stability (and profitability).
Especially within a small business, so much knowledge and information is locked up in the owner’s head. It’s a vital part of the company’s value so at the point of considering the sale of your business you should start the process of stepping back from it. That way you can avoid having to work for the new owner afterwards.
How should you prepare for this transition?
- Put documented systems in place for all of the roles, procedures and processes within the business. This allows all its functions to continue independently of any particular person. In fact it’s an ideal situation for all businesses to be in.
- Identify roles and responsibilities for personnel. Remove any doubt about who should be doing what.
- Define objectives. Leave your team with a clear strategy, goals and how to achieve them.
As business advisors, Jones Harris can help you to make this transition. We can support you with business planning, reviewing operations and accounts and negotiating your way through the sale process, making your next adventure closer than you might think.
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