Negotiating The Sale Of Your Business

When negotiating a sale price, you should remember that both parties want to benefit from the sale. Try to negotiate in a way that both parties are able to benefit from the sale of the business.

Defining what you want to achieve from the sale of your business will help you negotiate with a clear idea of what you want. Get to know the buyer and try to identify what is negotiable and what they hope to achieve from the purchase.

Make sure the buyer has the means to buy a business. Timewasters do exist, so try to establish their ability to afford your asking price.

Its normally a good idea to use a Solicitor once youve reached an agreement on price. He can draw up a Heads of Agreement document, which is not a final agreement.