How to Sell a Struggling Business
If your business is struggling and you are looking for an option to no longer manage it, selling the company and its assets may be an option. Here is some useful advice and items to think about when considering the sale of your business.
Continue To Operate
Even if the business is not generating any sales or cash flow, potential buyers or investors will want to see what the company has to offer while focusing your attention on the business which will help in it's sale.
It will be more than likely that this is your first attempt at the sale of a business and because of this, it’s important that you seek out professional advice from an accountant, solicitor or business advisor. Based on their experience and expertise, they will be able to determine the best approach to selling your business.
Get Up To Date
Make sure you have all of your records and paperwork in order and that your financial reports and tax filings are up to date. Your business will be less attractive to potential buyers if they are unable to determine the current finances of the business.
Make A Backup Plan
It’s important to continue to assess alternative options if the sale of your business is not successful. It will give you a broader understanding of the situation you are in with your business and allow you to remain in control of what you’re able to do, regardless of the financial issues you are facing.
Contact WL Accountants
If you would like further information or want to know how the team at WL Accountants will be able to provide you with support, please get in touch:
Keep It Secret
You should only speak about the sale of your business with close family members and those who may be involved in it's sale. Be especially cautious of your intentions to staff who could start to focus their attention to alternative employment if they hear rumours of a sale.
Use An Agent
It’s tempting to sell the business on your own but using an agent for the sale of your business will increase the chances of selling your business. They can also take care of finding potential buyers who will be willing to purchase your business at a price you are willing to accept and under terms which are reasonable.
Creditors Voluntary Liquidation
If you feel that your business is no longer viable and cannot continue to trade, we work with industry leading specialists to provide a simple, hassle free process to legally dissolve your business. To find out more, please take a look at our Creditors Voluntary Liquidation or CVL Service.