Selling your company is a complex and emotional process. Before you start any sale process, you have to understand the fundamentals of what to expect and, importantly, deal with any issues in advance that have the potential to derail things later.
It’s absolutely critical that you present your business for sale in the best possible light – to do this often takes months to get the financial performance and position of the business in the ideal condition to maximise the prospects of a successful sale and maximise its value to you.
There are many moving parts to consider during the sale of the company and, remember, you still have to continue to run and mange the day-to-day operations of the business. Lexington has seen many a sale process from the perspective of advising the Buyer where the company’s performance dips during the due diligence as the Vendors grapple with and are distracted by issues that should really have been resolved prior to the start of the sale process. It’s an “open door” for a price-chip from the Buyers and they will not be shy to ask for one.
Often, it will be the only time that you go through a sale in your working life – don’t take any chances – as the old adage says “by failing to prepare you are preparing to fail”