The Business Bulletin
Ask the experts Do you have a burning question that you would like the answer to? Or maybe you’re looking for some advice to help your business? In each edition some questions will be shared and answered by some of The Business Bulletin experts.
Q. How do I go about selling my
agreement/business transfer
what you’re plans are, these may be
business?
agreement.
agreeable or something to water
A. I’d recommend anyone selling a business to have a good accountant and tax advisor to work out the best most tax efficient way of selling. I’d also recommend a lawyer who is experienced in business sales. A key to selling a business is the legal structure and documents. There will be either a share purchase agreement (if you’re selling shares in the company) or an asset sale
The buyer will want the seller to give warranties on as many things as possible. A warranty is saying something is true/correct. The consequence is if it turns out to be inaccurate or untrue they will withold money or sue you. So a seller’s solicitor will want to minimise your exposure to onerous warranties. There may be restrictions in the agreements. Depending on
down. And what about payment. You want to make sure you’re going to get paid. If any element of the purchase price is deferred you want to make sure you do get paid. There are so many legal aspects to consider when selling your business so the top tip has to be: have a great team of advisors around you. Steven Mather Nexa Law A. Selling a business is a big decision
Contributing experts
for most business owners and it’s important to get it right. It’s also a decision that most people leave until the last minute and my advice is always to consider your business exit strategy at an early stage and plan how you are going to go about it. If you’ve never given any thought to
Steven Mather
Mike Ainsworth
Nexa Law
EMF Group
selling your business then the first two questions will probably be: ■ Is my business sellable? ■ How much is it worth? The quick way to get an answer to both questions is to ask a professional. An accountant or a business transfer
Paul Green
Dan O’Connor
The Business Community
Clock and Compass Coaching
agent would be a good start. There are also online portals selling businesses like Daltonsbusiness.com or Businessesforsale.com and a skim
52 | Issue 8 – Strategy and Personal Development
