Have you made the momentous decision to sell your business? If the answer’s yes, then you may be wondering how to kickstart the process. You might also be pondering if selling online could be the right strategy for you.
After all, so much of our lives are spent in the digital world these days, it should come as no surprise that you can use online platforms to sell something as sizeable and complex as a company!
But how do you go about it? What are the most effective ways to sell your business online, and what do you need to know before you start?
To answer these queries and more, we’ve compiled this concise but insight-packed guide that should help demystify the process of selling your business online in the UK.
Benefits of selling a business online
First things first, let’s take a quick gander at the advantages you can expect to enjoy when you opt to sell your enterprise online.
These include:
- Instant access to a wide buyer network
When you search for potential acquirers online, you gain access to a broad spectrum of interested investors, located not just within your local area but across the UK and possibly even overseas. This substantially widens your potential prospects and makes it much more likely that you will find the right buyer for your business.
- You can speed up the process
By making an online listing for your business, you will be providing would-be acquirers with the general information they need to determine whether they could be interested in buying your company. They can then reach out to you using the contact details you provide on the listing, and if you both decide to start the acquisition process, you can then provide further information during the due diligence stage.
How to sell your business online
Before you make an online listing for your business, it’s important to go through the traditional ‘pre-sale prep’.
This includes:
Organising all your paperwork
Selling a business is a complex process that requires painstaking organisation of all your paperwork, from your financial records to your supplier and customer contracts and everything in between. Go through everything with a fine-tooth comb to ensure your documents are all in order.
After all, once you get to the due diligence stage of your business sale, your would-be investor is going to want assurance that the company they’re buying is in a well-organised, efficient, and profitable state.
Getting a valuation
To help you set the right price for your business, you should have a valuation carried out. There are several different methods that can be used to value a business. However, you may wish to hire a business broker to oversee the entire process and carry out a valuation on your behalf, drawing on their years of expertise.
It’s important that your price reflects the true market value of your business, to attract interested acquirers while still ensuring you receive the ROI you deserve.
Creating promotional materials
When it comes to selling something – whether it’s a product as small as an item of clothing, or as large as a whole business – marketing is key! As a result, it’s a good idea to invest in some promotional materials for your business.
Once again, a business broker can be of invaluable assistance in this regard. Of course, you will have to pay the requisite fees for them to oversee the sale of your business, but in return you will receive a comprehensive service. This includes the creation of a bespoke, high-quality marketing pack for your company that’s bound to catch the eye of potential investors.
Picking the right platforms
Now that you’ve finished prepping your business for an imminent sale it’s time to think about creating those online listings!
If you have opted to hire a business broker, they will do all of this for you. But if you’re going the DIY route, you should probably make a site like RightBiz your first port of call, as this is a leading platform for connecting sellers and potential buyers.
Making a listing on RightBiz is a straightforward process. Check out some of their other listings first, to give you a thorough idea of what to write and then start creating your own advert.
Of course, RightBiz isn’t the only platform, by far.
Other popular – and, most importantly, verified – options include Business-Sale.com, which allows you to post a listing for free, as well as sites like DealOpportunities.co.uk, BizMart.com, and EnterpriseEuropeNetwork.
Why use a business broker for the M&A process
As you can probably deduce by now, selling a business is a process far more complicated than simply posting a few online listings. Of course, you can opt to pursue the DIY route to deal completion, but it’s a good idea to keep in mind that, once your online listing nets you an interested acquirer, there is still the entire M&A process to get through.
This includes negotiations, drawing up Heads of Terms, and due diligence.
To save you a lot of work – and stress – you may wish to hire the services of a business broker to manage the entire process for you. This spans everything from creating your ideal selling strategy through to sourcing and verifying potential investors and ensuring that negotiations and due diligence proceed as smoothly as possible.
For peace of mind and a hassle-free transaction, a business broker can be truly invaluable, ensuring you get the right price and the best deal structure for your business.
Harris Acquire – happy to help
Here at Harris Acquire, we have overseen many significant deals from initial contact through to successful completion. As a result, if you’re in the market to sell your company, we’re perfectly placed to help you achieve a fair return on your investment and secure a fruitful future for your business once you have departed.
Keen to find out more about our services and how we can help you in particular? Simply give us a call on 01926 757100 or send an email to Hello@harrisacquire.com and a member of our team will be happy to discuss your sale!
