Getting Your Business Ready For The Sale

At Blue Sky Law, we believe that getting your business ready for sale in advance of finding a buyer is a prudent step to take. It helps you highlight problem areas within your business allowing you to put them right and will assist the buyer with their due diligence of your business, giving them confidence in the purchase and often shortening the sale process.  It may also find hidden gems in the business which may mean that the sale process can be delayed.

We have all seen the many television programmes about getting your house ready for sale to maximise its value and attract serious offers, which usually means having a good clear out, making repairs and highlighting the good points. The same is true for your business.  For example, ensure that you have written contracts in place with your key suppliers and clients, your licenses are up to date, your disaster recovery protocols work, your trademarks and intellectual property are registered (where necessary), you are compliant with your regulatory requirements.

Getting your business 'market ready' requires you (with help from your advisors, where necessary) to thoroughly undertake your own 'due diligence'. Always remember, a buyer does not know your business like you do and will be looking at it with a sceptical, critical and conservative eyes, trying to assess its true value.  One thing we will ask you to do would be to put yourself in the buyer’s shoes and ask yourself ‘what would I want to know about my business if I was thinking about buying it?’ – the negatives – and what you would do to answer those questions.  

Blue Sky Law can help give you a sanity check so that you do not go over-board (or fail to go far enough).