Business News

Preparing your business for sale

You’ve spent your working life building a successful business, so it is only right that you should be able to reap the rewards of your hard work when the time comes to move on.

The key to achieving the best possible asking price is to make your business as attractive as possible to potential buyers. This means that when an interested party decides to look into buying your company, they should not find any cause for concern.

At Lamont Pridmore, we are highly experienced in helping groom a wide range of businesses for sale. We can advise on a wide range of issues, including:

• Valuation – while your business is ultimately worth what a buyer is prepared to pay, we can help you maximise its value.


• Timing the sale – whether this is based on the performance of your business or the state of the market sector in which you operate.


• Record keeping – any potential buyer will want to carry out due diligence on your business. This will include looking at documents such as business plans, budgets, profit and loss statements, details of any loans against the business, sales contracts, contracts of employment and leases for any premises or equipment.


• Tax – there are tax implications when a business changes ownership. We can help minimise your tax liability while maximising your asking price.


• Assets – selling off any unproductive assets will make your business more attractive. Selling your business can also present an opportunity to buy any company assets you want to keep after the sale, such as a company car.


• Staff – key employees may be retained as a condition of the sale. We can help you define clear roles and responsibilities, particularly in smaller or family-run firms.


• After the sale – we can help you plan how best to use the funds from the sale, whether you are looking to retire or invest in another venture.

For more information on we can help you, please contact us.

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