Timing
Are you edging towards retirement or looking to sell part of a book to reduce the workload and burden on you and your team. Do you have some special occasions coming up that you want to free up some cash for, or maybe you see the potential in your business and want to allow it the freedom to grow without you. Each of these scenarios require a careful view of when to sell.
Look at your financial position
We also suggest that you get advice from tax advisors, and accountants who may be able to advise you on how best to position your business and your finances to ready you for the future. Ensuring you have all the correct documentation that will prove your company’s financial history is important, as it will allow interested buyers a better understanding of your profitability and scalability.
It is likely that the more profitable your business is, the better chance you have of a successful sale.
Understanding what is going on in the market at the time of sale is crucial. If other brokers are struggling financially during an economic down turn, then the timing may not work out best for you in terms of return.
Understand your business
No one knows your business like you do. Get your head into the facts and to make sure you really know your business. By knowing your business, you can ascertain your USP’s and the things that make you stand out from the crowd.
Think about:
- the split between commercial and personal lines in your book
- the methods in which you operate and communicate
- how your compliance needs are catered for
- how you utilise your membership of a network etc.
It may be that your use of technology has allowed to you to run efficiencies through your business that has had positive results - all these things can affect an uplift in your valuation.
Think about what you want from a sale
There are many questions that a seller needs to ask themselves. We work with sellers who want to sell their entire business, whilst others only want to sell a part of their book.
We always want to know, what is your aim or bigger picture?
Would you want to take the money from the sale over several years? If so, how many years are you willing to spread your payments across?
Would you want to be able to secure positions for some of your key staff or are you happy for them to fall into the structure of their new owners?
Are you looking to sell premises or additional assets with the sale?
We undertake a review of your business, and sit down with you to ensure that we have the full picture and can market your business effectively and in a way that you are happy with.
Speak to a specialist today
Seek advice on how to prepare your business for a successful sale. Specialists will help lay the foundations of a sale that works for you, and your business. Do this sooner rather than later, as the earlier on you start asking questions, you will put yourself in a better position for a successful sale.
At Wayne Bradshaw Acquisitions, we can help match you to the right buyers and can put you in touch with a range of specialists who can assist along the way.
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