{"id":1190,"date":"2022-10-06T00:00:00","date_gmt":"2022-10-06T00:00:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/articles\/sell-a-business\/"},"modified":"2025-05-22T13:15:56","modified_gmt":"2025-05-22T13:15:56","slug":"sell-a-business","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/management\/sell-a-business\/","title":{"rendered":"A guide on how to sell a business"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Selling a business comes with legal and financial implications, from taxes to telling your staff. If you\u2019re set on your decision, here\u2019s how to sell a business.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/starting-out\/how-to-become-self-employed\/\" data-type=\"knowledge\" data-id=\"1418\" ><strong>How to go self-employed<\/strong><\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/funding\/small-business-funding-and-investment\/\" data-type=\"knowledge\" data-id=\"1155\" ><strong>What is asset finance?<\/strong><\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/cash-flow\/what-is-a-cash-flow-forecast\/\" data-type=\"knowledge\" data-id=\"972\" ><strong>What is a cash flow forecast?<\/strong><\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/business-insurance\/faq\/do-i-need-business-insurance\/\"><strong>Do I need business insurance?<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-getting-ready-to-sell-a-business\">Getting ready to sell a business<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If running a business involves both planning and marketing, selling one does too.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Proper planning can help you attract buyers, so it\u2019s important not to rush the decision. To make your business as appealing as possible, you might want to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">bring your accounts up to date<\/li>\n\n\n\n<li class=\"wp-block-list-item\">settle any disputes (whether it\u2019s with employees, clients, or customers)<\/li>\n\n\n\n<li class=\"wp-block-list-item\">put more <a href=\"\/knowledge\/income\/how-to-calculate-profit-margin\/\" data-type=\"knowledge\" data-id=\"1422\" >profit<\/a> into the business<\/li>\n\n\n\n<li class=\"wp-block-list-item\">take a look at whether any contracts and leases need to be resolved<\/li>\n\n\n\n<li class=\"wp-block-list-item\">make sure your paperwork and <a href=\"\/knowledge\/business-tax\/how-long-to-keep-tax-records\/\" data-type=\"knowledge\" data-id=\"1407\" >records<\/a> are in order<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Spending time on planning should help you get to grips with your business\u2019s proposition for potential buyers. What makes it appealing? It could be:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">increasing customers, sales, and profits \u2013 or even just a stable income<\/li>\n\n\n\n<li class=\"wp-block-list-item\">an existing long-term contract for products or services<\/li>\n\n\n\n<li class=\"wp-block-list-item\">clear potential for <a href=\"\/knowledge\/strategy\/how-to-grow-your-business-tips-from-harpreet-kaur\/\" data-type=\"knowledge\" data-id=\"1160\" >growth<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">You can incorporate those into a proposal for buyers, focusing on your business\u2019s USPs and your reasons for selling. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-do-you-want-to-sell-your-business\">Why do you want to sell your business?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s important to be clear about why you&#8217;re selling \u2013 potential buyers will want to know.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whether it\u2019s time for a new challenge or you\u2019re struggling to find new customers, your \u2018why\u2019 helps you shape your goals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, how much money do you need to do what you want to do next?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-long-does-it-take-to-sell-a-business\">How long does it take to sell a business?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A deal can take six to nine months. Factoring in your preparations, the process may take more than a year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Timing the sale is important, because you\u2019ll want your business to be in the best possible position. If you need to make improvements, then account for them in your timeline.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Business brokers offer specialist services when it comes to buying and selling businesses. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You may not need to use one if you\u2019re selling to a family member or someone else you trust. But brokers might make sense in some situations \u2013 for example if you want to negotiate the best price, or you don\u2019t have enough time to do everything yourself.<\/p>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n<p class=\"wp-block-paragraph\">On the other hand, selling yourself avoids broker fees. It all depends on your needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-value-a-business-for-sale\">How to value a business for sale<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Selling means that you need to know how much your business is worth. There are different methods you can use to <a href=\"\/knowledge\/management\/how-to-value-a-business\/\" data-type=\"knowledge\" data-id=\"1453\" >value a business<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s possible to reach a figure yourself, but professionals can also give you an independent valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A valuation before you start the process can help you understand whether your business is in a good enough position for you to reach your goals. If it\u2019s not, then you can focus on improving.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-finding-a-buyer-for-your-business\">Finding a buyer for your business<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As mentioned earlier, you can approach this step as if you\u2019re <a href=\"\/knowledge\/marketing\/how-to-advertise-your-business\/\" data-type=\"knowledge\" data-id=\"1410\" >marketing<\/a> your business:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Create a sale brochure<\/strong> \u2013 whereas a <a href=\"\/knowledge\/strategy\/how-to-write-a-business-plan\/\" data-type=\"knowledge\" data-id=\"1199\" >business plan<\/a> helps you attract funding when starting up, a sale brochure should appeal to buyers. Detail your business\u2019s USPs, <a href=\"\/knowledge\/strategy\/what-is-business-growth\/\" data-type=\"knowledge\" data-id=\"1206\" >growth potential<\/a>, customer base, and other positives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Approach buyers <\/strong>\u2013 do you have any potential buyers in your network, like clients, customers, or suppliers? You could also try to find potential buyers on social media. Otherwise a business broker can take control for you, as mentioned above.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Choose a few prospective buyers<\/strong> \u2013 sometimes, deals don\u2019t work out. It\u2019s useful to have another buyer you\u2019d like to work with when that happens.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Negotiate <\/strong>\u2013 buyers will want to negotiate the sale price, so make sure you\u2019re prepared. Your set price should leave room for movement, but have a minimum price in mind. If negotiations get difficult, focus on your business\u2019s positives \u2013 how does its <a href=\"\/knowledge\/marketing\/what-is-a-usp\/\" data-type=\"knowledge\" data-id=\"1059\" >USPs<\/a> and customer base match your buyer\u2019s goals? Check your potential buyer has the financials sorted too, otherwise the process will take longer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Keep everything in writing<\/strong> \u2013 from your initial approach to negotiations, a record of agreements made can help resolve any disputes that arise. If you make a phone call, then follow up with an email to make sure everyone is on the same page.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Due diligence <\/strong>\u2013 when someone agrees to buy your business, they\u2019ll want to make sure that the deal checks out. If you\u2019ve prepared, this shouldn\u2019t be a problem, but working with a professional can help you spot (and plug) and gaps. The buyer will be looking at things like your <a href=\"\/knowledge\/business-structure\/what-is-intellectual-property\/\" data-type=\"knowledge\" data-id=\"976\" >intellectual property<\/a>, contracts, financial documents, and <a href=\"\/business-insurance\/\" data-type=\"page\" data-id=\"5152\" >business insurance<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-making-the-sale\">Making the sale<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Because of the legal complexity involved with selling a business, you may want to pay for professional legal services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A solicitor can look at the agreements and make sure there are no errors. Documents include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><strong>purchase and sale agreements<\/strong> that cover the terms of the sale<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>lender documents<\/strong>, if the buyer is borrowing money for the purchase<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>lease agreements <\/strong>that need to be assigned to the buyer if office space or equipment is being rented, for example<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>bill of sale<\/strong>, which transfers business assets to the buyer<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>non-compete agreement<\/strong>, which your buyer may want you to sign to say that you won\u2019t start a competing enterprise<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tax-when-selling-a-business\">Tax when selling a business<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Once a deal\u2019s agreed, there are different final steps depending on your <a href=\"\/knowledge\/starting-out\/sole-trader-vs-limited-company\/\" data-type=\"knowledge\" data-id=\"1532\" >legal structure<\/a>. They usually involve telling your staff, notifying HMRC, and organising your taxes. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As you might expect, limited companies have more responsibilities than sole traders.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-selling-a-business-as-a-sole-trader\">Selling a business as a sole trader<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Sole traders need to let their staff know when they\u2019re selling the business and the reasons why. You also need to tell staff about <a href=\"\/knowledge\/staff\/redundancy-process-guide-free-template-downloads\/\" data-type=\"knowledge\" data-id=\"1500\" >redundancy terms<\/a> or <a href=\"https:\/\/www.gov.uk\/expenses-and-benefits-relocation\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">relocation packages<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In terms of taxes, you can use an online form (accessed by using <a href=\"https:\/\/www.access.service.gov.uk\/login\/signin\/creds\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Government Gateway<\/a>) to tell HMRC that you\u2019ve sold your business. This essentially de-registers you for <a href=\"\/knowledge\/business-tax\/self-employed-tax-changes\/\" data-type=\"knowledge\" data-id=\"1514\" >Self Assessment<\/a> and <a href=\"\/knowledge\/self-assessment\/how-to-pay-national-insurance-when-self-employed\/\" data-type=\"knowledge\" data-id=\"1440\" >National Insurance<\/a> responsibilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That being said, you need to send a final tax return by the 31 January <a href=\"\/knowledge\/self-assessment\/self-assessment-deadline\/\" data-type=\"knowledge\" data-id=\"1509\" >deadline<\/a> and include the date you stopped trading.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If applicable, you may be able to transfer your <a href=\"\/knowledge\/business-tax\/vat-registration-threshold-small-business-guide\/\" data-type=\"knowledge\" data-id=\"1556\" >VAT registration<\/a> number to the new owner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, you may have made a capital gain from the sale, whether it\u2019s cash for selling the business or assets that you keep. You should check whether you owe any <a href=\"\/knowledge\/business-tax\/capital-gains-tax\/\" data-type=\"knowledge\" data-id=\"1361\" >capital gains tax<\/a> and whether you\u2019re entitled to any reliefs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-selling-a-business-when-in-a-business-partnership\">Selling a business when in a business partnership<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Firstly, check your <a href=\"\/knowledge\/business-structure\/what-is-a-general-business-partnership\/\" data-type=\"knowledge\" data-id=\"938\" >business partnership<\/a> agreement, as there may be restrictions and conditions on selling.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The steps are broadly the same as sole traders, but the tax return you need to send depends on whether you\u2019re selling the whole business or just your share of the partnership.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re selling your share, then you need to send a personal Self Assessment by the deadline.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re selling the whole partnership, the nominated partner needs to send a partnership tax return by the deadline (and you still need to send a personal one, too).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-selling-a-limited-company\">Selling a limited company<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The steps depend on whether you\u2019re selling your shareholding (for example, you\u2019re the sole owner), or a <a href=\"\/knowledge\/business-structure\/setting-up-a-limited-company\/\" data-type=\"knowledge\" data-id=\"1270\" >limited company<\/a> is selling part of its business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When selling your shareholding, you need to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">appoint new directors before resigning as one yourself, letting Companies House know (it\u2019s possible to stay on as a director after selling, aiding the transition)<\/li>\n\n\n\n<li class=\"wp-block-list-item\">check whether you owe capital gains tax<\/li>\n\n\n\n<li class=\"wp-block-list-item\">let finance providers know within 21 days of the sale, if you\u2019ve secured business finance against personal property (for example, your mortgage)<\/li>\n\n\n\n<li class=\"wp-block-list-item\">think about transferring the VAT registration number to the new owner<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">When selling part of a limited company, you need to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">tell staff about the changes, including when and why that part of the business is being sold<\/li>\n\n\n\n<li class=\"wp-block-list-item\">give details about redundancy terms of relocation packages<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Is there anything else you\u2019d like to know about selling a business? Let us know in the comments below.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-ready-to-set-up-your-cover\">Ready to set up your cover?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">As one of the UK&#8217;s biggest <a href=\"\/insurance\" data-type=\"page\" data-id=\"470\" >business insurance<\/a> providers, we specialise in<a href=\"\/business-insurance\/public-liability-insurance\/\"> public liability insurance <\/a>and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>goodluz\/stock.adobe.com<\/em><\/p>\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you want to sell a business but don\u2019t know where to start, our guide details the process \u2013 from valuation to finding buyers and making the sale.<\/p>\n","protected":false},"author":3,"featured_media":3735,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[338,336,110],"hidden-category":[],"coauthors":[26],"class_list":["post-1190","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-management","category-business-structure","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to sell a business: guide for small business owners<\/title>\n<meta name=\"description\" content=\"If you want to sell a business but don\u2019t know where to start, our guide details the process \u2013 from valuation to finding buyers and making the sale.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/management\/sell-a-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to sell a business\" \/>\n<meta property=\"og:description\" content=\"Our guide details the process \u2013 from valuation to finding buyers and making the sale.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/management\/sell-a-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Simply Business UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/simplybusiness\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T13:15:56+00:00\" \/>\n<meta property=\"og:image\" 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