{"id":179313,"date":"2023-01-30T01:46:37","date_gmt":"2023-01-30T01:46:37","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=179313"},"modified":"2023-01-30T03:40:14","modified_gmt":"2023-01-30T03:40:14","slug":"right-buyer","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/business-sale-purchase\/right-buyer\/","title":{"rendered":"Four Tips for Finding the Right Buyer for Your Business in the UK\u00a0"},"content":{"rendered":"\n<p>Selling your UK business can be exciting and stressful at the same time. On the one hand, achieving a good sale price on reasonable terms can be a fantastic reward for your hard work and effort. However, on the other hand, selling your UK company can involve various challenges and hurdles. This article will explore four helpful tips for finding the right buyer for your UK business, so you can increase your chances of selling your company for an attractive price on your terms.<em>&nbsp;<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Carry Out Vendor Due Diligence<\/h2>\n\n\n\n<p>Vendor <a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/due-diligence-business-sale-england-wales\/\">due diligence<\/a> involves engaging a lawyer to conduct a health check regarding your company\u2019s legal compliance and documentation.<\/p>\n\n\n\n<p>The purpose of doing so is to try and predict a prospective buyer\u2019s questions and issues in advance.\u00a0For example, if you were looking to purchase an existing business, you would expect all staff to have employment contracts. So, if your company has staff without employment contracts, you should quickly remedy this before placing your business for sale.<\/p>\n\n\n\n<p>Additionally, this health check will consider service agreements and contracts regarding company premises. If your business has a short period left on the lease for its premises, it may be helpful to extend the lease slightly before selling the business. This gives the buyer confidence that they will have the premises for a reasonable amount of time.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Use a Business Broker<\/h2>\n\n\n\n<p>Business brokers are similar to estate agents. They know how to set a good market value and attract and deal with strategic buyers. They can also sniff out which prospective business owners are likely to have the funds to purchase the business and which are playing or chancing their hands.<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <!-- wp:paragraph -->\n<p>Different business brokers offer various services, but most will provide guidance on the following:<\/p>\n<ul>\n<li>setting a sensible purchase price;<\/li>\n<li>attractively marketing the business;<\/li>\n<li>dealing with enquiries professionally;<\/li>\n<li>steering any discussion as to the price to suitably high areas; and<\/li>\n<li>seeking reassurance that any potential buyers have the financial means to complete a deal.<!-- \/wp:list --><!-- \/wp:list-item --><\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>In many cases, the business broker\u2019s contacts can drastically increase the number of potential buyers. This is beneficial to you, as the more potential buyers are around at any time, the greater chance there is for a bidding war to your advantage.<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left 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Agree on a Sensible Sale Price<\/h2>\n\n\n\n<p>Setting a <a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/legal-considerations-before-selling-your-company-in-the-uk\/\">sale price<\/a> is vitally important. If you set the price too low, you may risk undervaluing your successful business. Conversely, if your price is too high, you may struggle to find a buyer.<\/p>\n\n\n\n<p>Accordingly, this is where a lawyer, financial adviser or business broker can help set a reasonable asking price.<\/p>\n\n\n\n<p>We explore three main methods of calculating a sensible sale price.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Asset Valuation Method&nbsp;<\/h3>\n\n\n\n<p>As the name suggests, the asset valuation method focuses on your business&#8217;s physical and non-physical assets. This method is suitable when your company owns many physical assets, such as machinery and equipment, and non-physical assets, such as Intellectual Property, trademarks and goodwill.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Market Value Approach&nbsp;<\/h3>\n\n\n\n<p>The market value approach compares your company to similar businesses in the same region to measure its potential value. For example, suppose there are three Italian restaurants in a town. The small one is worth \u00a3100k, and the large one is worth \u00a3300k. Accordingly, you may calculate that your medium-sized Italian restaurant may be worth around \u00a3200k.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Income Valuation Method&nbsp;<\/h3>\n\n\n\n<p>Income valuation is a suitable method if your business is making a good income and is predicted to be profitable in the future. This is because this method focuses on incoming monies and predictions of future gain.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--idea\">\n    <p>The best valuation method will depend on the nature and growth of your business. If your business is not currently taking in much income but has a lot of assets, you may prefer to use the asset valuation method to achieve a higher price.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">4. Utilise a Business Sale Agreement<\/h2>\n\n\n\n<p>This legal document sets out the terms of a legally binding sale. As such, it should confirm the purchase price, parties\u2019 names and date of sale.<\/p>\n\n\n\n<p>Whilst the content of business sale agreements differs according to circumstances, many examples will reference some of the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the <a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/purchase-online-business-england-wales\/\">purchase<\/a> monies payment method (and confirmation as to whether the buyer will pay a lump sum or by instalments);<\/li>\n\n\n\n<li>any assets or shares included in the sale;<\/li>\n\n\n\n<li>wording addressing the consequences of any breach of contract; and<\/li>\n\n\n\n<li>details of any non-physical assets that will pass to the purchaser (such as trade secrets, copyrights, branding or Intellectual Property).<\/li>\n<\/ul>\n\n\n\n<p>Drafting a thorough business sale agreement is vital for the parties, regardless of whether the purchase is of a small business or a huge one. It is the first document that a Judge will consider within any legal dispute, so you should record the deal within the agreement.<\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2023\/01\/13013547\/buying-a-business-560x792-1.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Buying a Business: Guide to Negotiating Terms<\/div>\n            <div class=\"body-text\">\n                <p>Buying a business? Download this free guide to help you negotiate key terms like price, stock, and employee entitlements.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.uk\/buying-business-guide.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>There are various steps involved in selling a UK business. However, whilst it is possible to sell your business independently, obtaining professional advice and assistance is easier and safer. This is particularly important if sizeable amounts of money are at stake within the prospective sale.<\/p>\n\n\n\n<p>If you need help finding the right buyer for your UK business, our experienced <a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase-lawyers-lp\/\">business sale lawyers<\/a> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <a href=\"https:\/\/legalvision.co.uk\/membership\/\">membership page<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1675042773410\"><strong class=\"schema-faq-question\"><strong>Are there any other valuable documents when selling my business?<\/strong><\/strong> <p class=\"schema-faq-answer\">Some buyers may be interested in a competent business plan to provide details about the customer base and financial records.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1675042782437\"><strong class=\"schema-faq-question\"><strong>Is there such a thing as an ideal buyer?<\/strong><\/strong> <p class=\"schema-faq-answer\">Absolutely. An ideal buyer carries out reasonable (but not excessive) due diligence and has the financial backing to purchase the company.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/179313\" \/>            <input value=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/right-buyer\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"Four Tips for Finding the Right Buyer for Your Business in the UK\u00a0\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Selling your UK business can be exciting and stressful at the same time. On the one hand, achieving a good sale price on reasonable terms can be a fantastic reward for your hard work and effort. However, on the other hand, selling your UK company can involve various challenges and hurdles. This article will explore<a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/right-buyer\/\">Continue reading <span class=\"sr-only\">&#8220;Four Tips for Finding the Right Buyer for Your Business in the UK\u00a0&#8220;<\/span><\/a><\/p>\n","protected":false},"author":13349,"featured_media":3215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"173111,176013,176361,2273,3317,1779","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[29],"tags":[20,21,52,1216],"class_list":["post-179313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-sale-purchase","tag-small-business","tag-medium-business","tag-business-sale-and-purchase","tag-business-sale-agreement"],"acf":[],"yoast_head":"<!-- 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He has particular expertise in Commercial and Employment litigation, as well as data protection and privacy regulations. He is a qualified Solicitor in England and Wales and has a decade of legal experience, including advocacy within civil courts and Tribunals. Tom specialises in civil and employment litigation. He has extensive experience in advising employers and companies as to the requirements of employment law and data protection rules, as well as day-to-day advice on smooth running from a commercial perspective. Qualifications: Professional Skills Course - Law, University of Law; Legal Practice Course - Law, College of Law; Bachelor of Laws, University of Southampton.","sameAs":["https:\/\/www.linkedin.com\/in\/tom-sutherland-72b4509b\/"],"url":"https:\/\/legalvision.co.uk\/author\/thomassutherland\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/business-sale-purchase\/right-buyer\/#faq-question-1675042773410","name":"Are there any other valuable documents when selling my business?","acceptedAnswer":{"@type":"Answer","text":"Some buyers may be interested in a competent business plan to provide details about the customer base and financial records.","inLanguage":"en-GB"},"inLanguage":"en-GB"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/business-sale-purchase\/right-buyer\/#faq-question-1675042782437","name":"Is there such a thing as an ideal buyer?","acceptedAnswer":{"@type":"Answer","text":"Absolutely. An ideal buyer carries out reasonable (but not excessive) due diligence and has the financial backing to purchase the company.","inLanguage":"en-GB"},"inLanguage":"en-GB"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/users\/13349"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/comments?post=179313"}],"version-history":[{"count":4,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179313\/revisions"}],"predecessor-version":[{"id":179318,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179313\/revisions\/179318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media\/3215"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media?parent=179313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/categories?post=179313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/tags?post=179313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}