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Preparation When Planning to Sell Your Business. If you are thinking of selling your business, then this is an excellent spot to begin. The very first question someone might wish to ask you is – “have you thought this through? ” The first question you would undoubtedly want to ask is “how much could I get for the business? The answer to your question is determined by how well you have thought it through because there are pitfalls. This will introduce some early essential pitfalls that will not only change the sale price but also whether you can sell the company in any way. The first thing we must evaluate is precisely what you are selling. Are you currently a sole-trader whereby the company is your name, and all the assets and liabilities are your obligation?
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Is this a partnership – Are partners involved have a monetary interest who will need to approve the deal? Is this a private company – are there other investors to take into account, will every investor want to market?
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In some cases, one would wish to sell a public limited company – In which case you can get all stockholders to sell and are there any special interests to put into consideration? In each event, there are issues to address from the beginning which can stop a sale in its tracks and send the buyer running. If selling a sole-trader business, you will need to be mindful of warranties that are implied. These could be assumptions that are undocumented and those that the customer could be making when making the purchase. One obvious assumption is that the business can still function when the owner has sold it and left. If this proves not to be the situation then in certain circumstances the buyer of the business might be capable of claiming his money back from the seller personally, while holding onto the business enterprise. Proper preparation is hence critical. With partnerships and private companies, the biggest problem is coming into an agreement: are all investors and associates entirely in agreement because a change of thoughts half-way through the sale will kill the procedure. There are specific individual concerns which should be addressed where partnerships and private companies are involved, which will likely need a lawyer. To some extent, a deal involving a public company is much easier, but it also depends on how much of the business the client wants to acquire. If this is 100 %, then prior agreement of most shareholders will be a necessity, but this has to be done carefully to prevent accusations of insider trading and share value distortions. Sometimes, unscrupulous customers may try to interfere with the process so as to lower the market value or force liquidation of the company to their advantage. Agreement from all selling parties is so vital at the onset of the sale as well as setting the sale value or the minimum price for the business.