• Good2use Business Development

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  • Selling a Business FAQ
    • Why should I use this service?
      This is a cost effective means of buying or selling a business. As a buyer you pay no charges whatsoever.
      As a seller, you only pay once a potential buyer has shown interest. That payment remains in effect for 30 days and during that time any number of potential buyers can contact you at no extra charge.
    • Due Diligence
      Please be aware that after the initial contact has been made it is the responsibility of both parties to carry out diligence. Please inform us of any suspicious behaviour.
    • How will I attract the attention of potential buyers?
      Prior to selling a business it is as well to have all your systems, accounts and paperwork up to date. The buyer will want to see Statutory Accounts, monthly Management Accounts, Cash-Flow Statements, Fixed Asset Register etc. The legal people will want copies of just about anything legalistic, so be prepared to provide copies of loan/HP agreements, leases, contracts of employments, salary details etc.
      This, or part of it, can be posted as part of your registered entry and available to potential buyers
    • How to Value a Business
      There are many ways to value a business and basically the worth of the business hinges upon how much profit a purchaser can make from it, balanced by the risks involved. Previous profitability and asset values are starting points but intangible factors such as key client relationships, can provide the most value.
      The one we particularly like is the discounted cashflow method. However, this is a topic best discussed with your accountant.
    • What is the "Memorandum of Sale"?
      The Sale Memorandum is an outline of the business and provides a potential purchaser an overall view of its present structure and operation. This includes key financial information, such as sales and profitability. The Memorandum will also concentrate on positive aspects of the business, outlining possible benefits and future opportunities to a potential purchaser. It is important that the purchaser ensures a thorough "due diligence" exercise to ensure that the Company "is what it seems" before Completion takes place.
    • What are "Heads of Terms"
      "Heads of Terms" is an outline agreement between a purchaser and the vendor. The Terms will usually provide straight forward details of what the purchaser is prepared to pay for the business and any Terms on which the sale is to take place.
    • How long will I have to stay in the business after it is sold?
      The amount of time that you will have to stay within your business after it is sold, is mutually agreed between both parties and often before the Heads of Terms are drawn up. If you offer to stay on with the business, this may provide greater re-assurance to the Purchaser Agreements will vary but the norm is 6 months and on a 2 to 3 day a week basis. Also, you may well prefer to act as a "Consultant" rather than as a Director/ employee.
    • How can I pay if I don't want to use a credit or debit card?
      If you are unable to or uncomfortable with using a credit card, you can pay via cheque
    • I have other questions. Who do I contact? Contact us by email: info@good2use.com
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