If you are planning on selling your business or company in the medium term then taking the time to prepare for that process well in advance will pay dividends. It can stop unwanted pitfalls arising and therefore save you time and money in the sale process.
A solicitor and accountant experienced in the process will also help greatly but from many years of doing this kind of work I can recount examples of stumbling blocks cropping up in the process which could have been avoided with more planning before the sale process started.
A buyer will ordinarily, either itself or through its accountants, do what is known as “due diligence” on the business it is buying. This can involve a financial investigation and also a list of questions or enquiries which are dealt with as part of the legal process. The fewer issues which are raised as a result of this process the better for you as seller and so time spent preparing for it is time well spent. Here are some examples of things to look at and address: