Hi could you tell me the procedure for selling a business what will be needed how long will the process take etc
Hi could you tell me the procedure for selling a business what will be needed how long will the process take etc
Probably better to ask this question somewhere like ukbusinessforums as they will be more likely to have the expert knowledge.
Id start by seeing an accountant and making sure all your books are in order. Any prospective buyer is going to want to see these. Then advertise. This could be in your local paper, or other methods depending on the type of business. Finally id get solicitors involved to finalise the details of the sale.
You dont mention what the business is. bit of a difference between selling a corner shop, to selling apple or google.
If you have the nous to set up and run a business, I'm confused as to why you need advice on the procedure for selling a business????Originally Posted by kath12
On your other thread, "esa and getting married" you say you have a low income, are on ESA and cannot work?
hi there the buisness is a painting firm its not mine its my partners he wants too sel all and live here with me i am on esa which i will claim in my own rights as i cannot work
I never checked the other threads. Your partner isnt in the uk, which presumably means the business isnt in the UK. If your partner is intelligent enough to build a business that is worth selling, then he should also possess the intelligence to know how to sell it.
If this is a 1 man operation then chances are that the business is only worth the value of its assets. Likely to be van and tools. In these types of businesses, the biggest asset is its owner. once the owner is gone, the business is worthless unless he has valuable long term contracts. Might as well just put anything worth selling onto ebay.
If im wrong and this is actually a large and successful business, then the sale price of the business is likely to exceed £16k, making you ineligible for a joint claim of income based ESA.
If he is selling a 'service based' company then his assets are his clients. A buyer must be told what turnover is generated and what's the profit margin. The seller decides what the company is worth. The buyer is buying the 'goodwill' because there is no guarantee that the clients will remain unless bound by a contract.
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