Step No 1 – Preparation

This is the most important step in the sequence, and perhaps the most difficult.

After all, you need to view your business impartially, warts and all.

If the shop floor or office is looking shabby, that is the first impression buyers will have of your business.

Decorating and tidying up are duties that anyone with a business for sale should prioritise.

Next, look at the accounts.

Is there anything that cannot be explained immediately?

Writing off bad debts shows that you are being realistic about the true state of the business’ affairs, and getting shareholder loans repaid removes any suggestion of improper or unwise dealings with related parties.

Now may also be the time to seek professional advice on any outstanding legal or financial issues with your solicitor or accountant.