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BBB Business Profiles are subject to change at any time. As a matter of policy, BBB does not endorse any product, service or business. BBB reports on known marketplace practices. Consider It Sold Auctioneer.

Preparing to sell

Customer Complaints This business has 0 complaints File a Complaint. Selling your business yourself means you do not need to pay any broker fees. Many small business owners choose to sell their business to a friend, family member or current employee, which means that they do not need a broker. However, if you do not have a particular buyer in mind, using a broker will save you time and can help you to negotiate the sale price as the broker will get commission on the final value. It is important that you consider several brokers and find one that is passionate about your business and knowledgeable about the industry.

Typically, a broker will do their own valuation, you need to ensure that the valuation is realistic otherwise it is unlikely you will receive any offers. Even if you do have a broker, it is likely that you will need to promote the sale yourself as well to get more potential buyers. You also have an advantage as you already have relationships with people in your industry who may be interested in the sale. Typically it takes 6 months to sell a small business. It is important to advertise the sale widely to attract the most buyers. The initial business sale could fail, so you should select two or three potential buyers and stay in contact with them regularly and answer any questions they have promptly.

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Your business valuation price should allow you some room to negotiate with buyers and any agreements with the buyer should be done in writing. The buyer will want to review all legal, accounting, tax, banking and real estate contracts before buying.

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This can be a lengthy process, as they will also look into your customer base and any environmental or legal issues. Have you considered how much profit you will be making from your business sale?

"Consider It SOLD"

You should use an independent business valuation to calculate how much profit you could make. You can outline your personal financial goals and determine how you can use the profits to achieve these goals. There are likely to be tax implications if you make a large profit. At Four Wealth Management, we can work with you to determine the most tax-efficient way to invest the profits to help you achieve your financial goals quicker.

Find out more about our tax planning services. The value of an investment with St. You may get back less than the amount invested.

The levels and bases of taxation and reliefs from taxation can change at anytime. The value of any tax reliefs depends on individual circumstances. If you have any queries or would like to arrange a face to face meeting with an advisor for a no obligation review of your personal finances, simply book a call back using the form below.

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For further information on our uses of your personal data, please see the Partner's Privacy Policy or the St. James's Place Privacy Policy. Skip to content. What you need to consider before selling your small business in the UK. Why are you selling your small business? When is the best time to sell your small business? Prepare business documents for the sale You should work with an accountant to present clean financial statements and tax returns for the last years to present to the buyer.

How much is your small business worth? Should you use a broker to sell your business Selling your business yourself means you do not need to pay any broker fees. How long does it take to sell a small business? What are you going to do with the profits from you business sale? Top estate planning mistakes and how to avoid them May 29,