If you’re thinking about selling your business then there are a lot of things to consider. For one, you need to make sure that you’re offering a fair price which both maximizes your profit and gives you a good chance of finding a buyer.

You also need to make sure that you’re covering all your bases in a legal sense. There are plenty of things to consider, and it’s always a good idea to engage the services of an experienced commercial lawyer.

In order to help you get your mind working, I’ve put together a quick list of things that you absolutely have to make sure that you’re thinking about when you’re selling a business. They include:

Make sure that you have a well written sale contract

It’s essential to make sure that you’re using a sales contract that is legally binding, otherwise you could run into all sorts of problems. It’s always a good idea to work with your local law team to put together a contract.

Some of the things that a business sales contract should contain include:

  • A price and a payment plan which outlines how you’re going to receive payment and when.
  • A clear outline of what’s included in the sale.
  • Any other conditions of sale, including things like non-disclosure agreements and similar.

As I’ve said, you should always get your sales contract checked by a qualified lawyer, otherwise you might run into problems.

Know your business’s value

It’s essential to make sure that you know how much your business is worth before you attempt to sell it. Failing to do so could leave you open to lowball offers by people who are trying to take advantage of you.

There are numerous ways to value your business. For one, you could speak to a professional property valuer and get their opinion. Secondly, you could explore the market and find out how much similar businesses have sold for in the past.

Ultimately, your business’s value will be unique, so you need to make sure that you’ve got a clear set of reasons why you’ve valued it where you have.

Pay attention to any relevant laws

It’s obviously very important to make sure that you’re following any relevant laws that relate to the sale of your business. Failing to do so could result in significant penalties, including large fines and even jail time.

Once again, you should speak to your commercial lawyer about this. In the meantime, keep in mind things like:

  • Licensing requirements, especially if your business involves things like dangerous goods or firearms.
  • Any qualifications the new business owner might be required to have.
  • Any other laws relating to you and your business.

As you can imagine, this is probably the most important thing on this list, and it’s essential that you keep it in mind.

Final word

Selling a business can be difficult in a legal sense, but it’s certainly not impossible. As long as you speak with your lawyer and do what they tell you then everything should be fine.