We firstly would like to take the time to thank all those involved with the Directors Question Time Seminar, and especially to Barnes Roffe and HSBC for their promotion and for hosting the event itself. The Seminar began with a general question about the ways in which a Seller of a business can make the process easier to manage. Julian Goulding began the discussion on this topic and it quickly became the overall theme of the night. As such, four key areas were identified as being essential to managing a sale:
Planning – This is the most important factor to consider. Don’t wait until the Buyer begins enquiries, so have your anticipated answers ready. This can’t be stressed enough.
Momentum – If the process moves too slowly all involved will lose steam and the whole endeavour will grind to a halt. Keep yourself involved in the process and it won’t run the risk of stagnation.
Time – Plan for a third longer than you anticipate the sale to take and take into account the time of year. Any holiday period is a major factor to consider even if it is still some time away.
Stress – This isn’t an after-hours project. At some point in the process, this will take up a good part, if not most of your time and attention. Try to effect a practical management strategy so as to give time to complete this project.
The points above bring projects such as this well within acceptable standards. Keep in mind however that even with a dedicated legal team, your input is what will make the process as smooth and efficient as possible.