Selling a company
It’s every person dream to open a company and operate it smoothly but there are some circumstances that may force one to sell the company due to company crisis, like in this recent times of the pandemics most businesses has come to an end due to covid 19 hence it would be nice to sell a company rather than closing it.
What to consider
- analyze the financial statements of the business. A Buyer will ask for a
- have a record history of tax returns and/or financial. It will be most important to be able to show profits and owner benefits.
- Be sure to keep your decision to sell confidential. Employees will be naturally distressed if they are told too soon. After all, the business may not sell.
- Seek accounting and legal advice on the tax ramifications of a sale. It’s not what you get. It’s what you get to keep.
- Take an objective look at your business premises. Are your offices clean, uncluttered and up-to-date? Do the facilities need a fresh coat of paint or new carpet? Potential buyers want to feel comfortable in their work environment
- With a serious financial undertaking as this, it is important to obtain professional assistance. There are unique rules involved in small and mid-sized company valuations and sales.
What to keep in mind when selling?
- not surprise anyone with undisclosed problems. There is no such thing as a perfect business.
operate your business as if it were not for sale.
- minimize your exposure to a prospective buyer. Once you have accepted an Offer to Purchase, try to minimize further contact with the buyer until closing.
- do not disclose employees the business is for sale. Most business people are, by nature, honest and straightforward people. Because of this, frequently they mistakenly feel they should tell their key employees the business is for sale.
- try not to close the sale as soon as possible. Frequently sellers who have had their businesses for many years feel no sense of urgency about the closing date.
At our office not only help you to open a new company we can help you sell your business as well we have excellent services and friendly prices
contact ocl business associates for company sale in kenya