Business owners offered tips on how best to sell a company

Business owners looking to sell their company have been offered some tips by a professional.

Speaking to Smart Business, transaction advisory services specialist Scott McRill said entrepreneurs need to think about what they really need from the business before they put it up for sale, rather than what they wish they could get out of it.

The expert said he expects to see increasing deal activity in the coming months and years as the gap between buyer and seller expectations begins to close, while lending conditions also start to improve.

Mr McRill advised company owners to continue to operate the firm as normal during the sale and suggested a good solicitor may be able to help the process go more smoothly.

Overall, he explained that preparation is key, commenting: “If sellers don’t prepare properly, the buyer is going to have the upper hand and, generally, sellers will receive less value for the business.”

>Last month, anyone thinking of buying a business was advised in an MSN Money article by entrepreneurship lecturer Susan Schreter to do plenty of research before offering a price and purchasing.