Business Matters: Prepare well to reap the biggest rewards
BLM’s Daniel Varney says trust and confidence are key factors to obtaining the best value for your business. If your buyer is presented with a well-organised company with a clear management structure and up-to-date ‘housekeeping’, you are in a strong position to negotiate a sale.
Writing for North West Business Insider, Daniel highlights that buyers will seek the best deal through legal, financial and commercial investigations: “They will be advised by professionals whose purpose is to make savings for their client. Simply put, the fewer the issues, the fewer the opportunities to reduce the price or defer payment.”
To achieve this, Daniel believes preparation is crucial:“Retaining experienced legal and financial advisors will benefit you greatly, and vendor due diligence will allow you to highlight and resolve business issues. Together with your management team and advisers, you can optimise the business, adopting a clear business strategy, emphasising healthy financials (tax, creditors and debtors in particular), detailed information on your workforce and assets and confirmation that IT systems are up-to-date and fit for the future.”
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