It's come full circle - you embarked on your journey setting up your business some time ago. You've put your heart and soul into it, working incredibly hard to build it up to make it the success it's become. But the time has finally come to move on from your business and hand it over to someone else. You may be nearing retirement so stepping away is natural. You may be looking for a new challenge and already have your eyes on your next step. Or it may always have been your plan to move on after a number of years.
Whatever the reason, the time has come to sell the business.
Once you have made that decision, it's not just a simple case of handing it over. There are some steps you need to take to ensure that your affairs are properly finalised. Having an exit strategy means that you have a clear plan, which makes it easier to take the right steps to meet the strategy. This not only makes the process easier but can help make the sale more profitable for you.
Ashdown Hurrey, accountants based in Hastings have written a useful guide that covers the main steps that should be taken when closing a business. These steps will vary depending on the type of business, and the list isn't exhaustive so make sure you do your homework and double check if you have covered everything for your own personal circumstances.
There are some points that are the same for each and every situation.
Member since: 22nd March 2018
Cale is the Owner of 'thebestofHastings', the award winning franchise, providing integrated marketing solutions to SMEs, connecting to the Hastings community and promoting local events in 1066 Country....