The reasons why a business owner might decide to sell their business are many – perhaps to pursue a new or more exciting business opportunity, relocation, health reasons or retirement. Selling a business to family, to the other partners, to a loyal employee or a group of employees could also be part of a succession plan; or the business owner’s exit strategy may involve selling to an outside buyer, perhaps a competitor, a supplier, or a customer, or even an investor. 

Whatever the reason for selling, a smooth transition requires:

• Planning well and in advance,
• Determining a fair value for the business,
• Getting books, accounting records and financial reports in order,
• Collating the required paperwork, 
• Managing stakeholder relations, and
• Exercising a legal duty of care. 

The outcome of this approach is a business sale to the right buyer at the right price, with little to no disruption to business operations and no negative impact on staff morale or other stakeholder relationships. 

Read more here