The obvious answer to the question is the most important – when you feel you want to move on, sell up, retire or just get out.
Having said that, business sales are affected by the seasons in the same way as house sales – even though it will usually take several months – at least – to complete either type of transaction.
Putting the house properly in order will always make a sale easier and quicker. If you have the general administration in the kind of order you would like to find it, others will feel the same.
Specifically it will help if you have all the key documents in order and easy to find. These might include:
- Finance agreements
- Banking records
- Payroll records
- Equipment warranties
- Service agreements
- Supplier contacts
- Customer contracts
- Supplier contracts
- Insurance documents
- Staff contracts
- Accounts for at least three years
- Profit and Loss statements
These will also help a valuer, such as Adams and Co., and a potential buyers bank, to accurately assess a fair market value