How does it feel to sell a business?

Selling a business is more than a financial transaction; it's the culmination of an emotional journey that entrepreneurs may find both challenging and rewarding in equal measure.

I wanted to make sure I did the right thing for them – to leave a legacy and always be welcome back at the business. I could not leave on a Friday afternoon and just not come in again on the following Monday morning because I know that the company deserves a lot more than that.

Andrew Mills - T Allen Engineering Services Limited

Deciding that it is time to sell a business is a pivotal moment for any business owner. Whether it’s due to personal reasons, such as retirement, or a strategic business move, understanding the need for change is the first step. Entrepreneurs often find themselves in a delicate balance, weighing up the pros and cons of letting go of something they’ve built from the ground up, sometimes over decades.

Selling your business can be a profound experience that fosters personal growth. Entrepreneurs often gain wisdom through the process, becoming more resilient and adaptable outside of the business.

Exploring success stories of entrepreneurs like you who sold their businesses can provide valuable insights into what you can expect from the journey. By learning from others’ experiences, understanding the challenges they faced, and the lessons they learned, you can be confident that you are prepared.

In September 2023, Shorts ran an event featuring two successful entrepreneurs we have worked with, sharing their stories, thoughts and feelings about their personal journey to selling their business.

Find out how others felt in your position



Andrew Mills - T Allen Engineering

 

T Allen Engineering Services Ltd have over 25 years of experience of supplying lifting equipment, they are the only dedicated supplier of lifting equipment to the water utility sector in the UK.

The Shorts team helped former Managing Director, Andrew Mills, sell the company to an Employee Ownership Trust.

Matt Robinson - Juratek

 

Our work with Juratek goes back to 2019 when our team advised Matt and his team about their Management Buy-out (MBO) of the company. Later, in April 2021, we advised Matt on the acquisition of Bettaparts Ltd.

Most recently, we were very pleased to advise and assist Matt on the successful trade sale of Juratek to Brazilian listed company Fras-Le, a deal which was completed in March 2023.

Preparing for the sale

Once the decision has been made to sell your business, the preparation phase begins. This can bring new stresses to your life and work.

While you may have a deep emotional attachment to your business, it is here that financial considerations become crucial. You will need to evaluate the true value of your business and take a critical look at all financial aspects – a Corporate Finance accountant can help you with this.

Finding a buyer

Finding potential buyers, negotiating terms, and navigating through legal procedures can be another overwhelming process – not just practically, but emotionally too. The selling process is not just about transferring ownership; it’s about passing on the legacy and ensuring the health and wealth of the business for years to come. The wrong buyer can undermine all of this.

By seeking the advice of an expert who can help you source the right buyer, you can be more confident that you are selling your life’s work to a positive buyer.

Corporate finance team at work

Preparing for life after the sale

While the financial gains can be significant, you may find yourself concerned about the future. Understanding the tax implications of the sale and wisely managing the newfound wealth are crucial for ensuring long-term financial stability and a stress free life after the sale.

But what comes next? You may wish to explore new ventures, take a well-deserved break, or it may be time to retire. Whatever you choose, adjusting to life after the sale can be difficult for hard working entrepreneurs who suddenly have no business to own and manage.

Adjusting to life after the sale involves finding a new purpose and navigating a different routine, but it also includes smart personal finance management to ensure your gains are preserved and put to good use.

Our team would love to talk to you about your business plans, and how the prospect of selling makes you feel.

Are you ready to sell?