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selling a business.....


geoff
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does anyone have any advice/experience of trying to sell a business ?

I realise its a bit of a non-starter at the moment but come tha day when we burst through into the clear blue skies above, I'd like to know the best methods

how do you value it, use of agents etc etc

cheers

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I think that my own situ, was not so easy. In short, being a "partner" then going through the dissolving of a partnership, was not easy. But the knock on tax bills, well wait till you see them.

In 2010 (next year) I will have a tax bill to conclude that I was an "entrepreneur" for some 20+ years, and that is going to be around the £10k mark. This will be on top of a number of other tax issues, that have also had to be dealt with.

Advice, get a good accountant and solicitor! It is not so much about selling, or disposing of an asset, but it its also your tax and other liabilities after that, you really must also put at the top of your list.

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We used a consultant to give us some ideas on building sales and their suggestion was to always run your business so it could be sold tomorrow. Presentation, forward business plans, promotions and product diversification were the key parts but that was a very worthwhile exercise.

Labs are still changing hands. One near us sold recently and from what the reps tell me he got some good money for the business.

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