5 important things to consider before selling your business

Selling your business is a big deal. Whether you’ve spent years building it from scratch or taken it to new heights, deciding to sell isn’t something you do lightly. It’s not just about the numbers, it’s about your future, your legacy, and what comes next. If you’re starting to think about a sale, here are five things worth considering before you take the next step.

1. Be clear on why you’re selling

What’s driving your decision to sell? Are you looking to retire and enjoy more personal time? Do you want to pursue a new business idea, spend more time with family, or travel the world? Understanding your ‘why’ will help to inform your plans and timeframe. If your goal is to exit quickly, you’ll need a different approach to someone planning a gradual transition.

Without a clear reason you could end up second-guessing your decision further down the line or backing out of a sale halfway through because you’ve not carefully considered what’s next.

2. Set realistic expectations

Selling a business is very different to selling your car or your home. It’s a process, and it can take time, sometimes even years.

You’ve probably poured your heart and soul into your company to get it to the position it’s at now, so it’s natural to want to see it thrive after you’ve moved on. That means thinking about who you’d feel comfortable selling to. Is it a competitor? A private equity firm? A family member, or someone already in the business?

It’s also worth knowing that the sale process can be long and, at times, frustrating. Having realistic expectations from the start will help you stay grounded and make better decisions along the way.

3. Get your business in order

Before putting your business on the market, it’s important to ensure it’s in the strongest possible position and one that demonstrates to buyers that you’re serious and well-prepared. That means your accounts should be accurate, up to date, and professionally presented. Buyers will go through everything with a fine-toothed comb, so you’ll likely need to provide some further due diligence through the process. Ultimately, the more organised you are, the smoother things will go.

4. Build the right support team

Selling a business involves a lot of moving parts, so build a team around you that understands what you want and how they can help you get there. You’ll need a corporate financier to help structure the deal, a corporate lawyer to manage legal complexities, an accountant to ensure financial clarity, a tax specialist to optimise your post-sale position and of course a bank and wealth planner you can trust to help manage your personal finances post-sale. When your advisory team considers every detail, they’ll steer you through negotiations, documentation, and compliance with confidence, helping to protect you from expensive errors and working to get you the best result.

We work closely with a wide network of advisers and are always happy to connect you with the appropriate experts to suit your needs.

5. Plan for life after the sale

It’s never too early to plan for the life you’ll have after you’ve sold your business.

This is likely to involve a significant financial change, so it’s important to think about what you want to do with the money. Are you planning to invest, support causes you care about, help family, enjoy a well-earned break, or a combination of these? You might even decide to take on your next business venture.

Whatever your plan is, a good wealth planner can help you make sense of it all, so you’re not just selling your business, but setting yourself up well for whatever comes next.

Selling your business is a transformative life event – one that deserves careful preparation and expert support. By understanding your goals, setting realistic expectations, assembling the right team, and planning for the future, you’ll be well-positioned to make the most of this opportunity.

If you’re starting to think about selling your business, or would like to talk about what the process might entail, we’re happy to help you make sense of it all and connect you to the right people to make it happen.

For more information, please get in touch.