Looking ahead to 2025, one question we’re often asked is: How do I sell my business? Whether it’s to retire, change career paths, or capitalise on your hard work, selling a business can be a life-changing decision.

The process might seem daunting, but with careful planning and expert guidance, you can maximise the value of your business and find the right buyer. Here’s what you need to know.

Step 1: Understand Your Business’s Value

The first step in selling your business is determining its worth. But what is a business really worth? The simple answer is: A business is only worth what someone is willing to pay for it.

While technical valuations can provide a starting point, ultimately, the buyer’s perceived value is key.

• Technical Valuations Include:
  • Balance sheets
  • Profit and loss accounts
  • Order books

However, years of experience alone don’t necessarily add value unless they translate into something tangible that the buyer values, such as a strong customer base or unique market position.

Step 2: Find the Right Buyer

Identifying the right buyer is as important as valuing your business.

• Target Your Industry: Look for buyers already in or familiar with your industry.
• Focus on Interest: Find someone who sees value in what your business offers.

At Carthy Accountants, we help our clients connect with potential buyers. As a firm that works with a wide variety of businesses, we often have contacts in our network who are actively seeking opportunities.

Step 3: Start Succession Planning Early

Succession planning isn’t just for those nearing retirement, it’s something every business owner should consider early.

• Why Start Early?
  • You’ll have more time to prepare your business for sale.
  • It allows you to identify and resolve potential issues that could affect the value.

As a second-generation firm, we’ve been through the succession planning process ourselves. This first-hand experience gives us unique insights into what works best.

Reasons to Sell Your Business

Every business owner’s journey is unique, and there are many reasons why you might consider selling:

Growth Limitations: Passing the business to someone else to help it grow further.

Distress Sales: Due to ill health or unforeseen circumstances.

Retirement: Time to reap the rewards of your hard work.

Career Change: Moving on to new ventures or challenges.

Get the Business You Want

If you’re thinking about selling your business in 2025, now is the time to start planning. Whether it’s succession planning or finding the right buyer, Carthy Accountants can guide you through every step of the process.

We’re Helping You Get the Business You Want - and helping you transition when it’s time for something new.

Get in touch with us today to discuss your plans and take the next step towards a successful sale.

Here’s to new beginnings!