There are always more sellers in a recession; people that want out, are fed up with it all, are just at the right age to enjoy retirement and so on. Their reasons are numerous, but find them at the right time and for the buyer, there lies the opportunity.
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As the saying goes, all good things must come to an end. It got me thinking about why business owners seek to exit businesses, and perhaps more importantly, what are the options available to you.
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Are you thinking about selling your business? Even if you’ve done it a hundred times before, there’s a number of very good reasons why you should probably use a solicitor to sell your business.
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Your Ts and Cs are about setting the terms of business so you don’t need to argue them later. They are the details of how you and your client intend to conduct your business transactions.
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Many businesses feeling the impact of coronavirus may see one of the above, most likely the latter – sales have dropped and the pipeline isn’t there, and so you need to look at losing staff.
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Sometimes in business transactions you might need to provide, or be provided, with information which is commercially sensitive – if that information got into the wrong hands (such as your competitor) it might give them an unfair advantage in negotiations with your customers.
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Peter Drucker, the world renowned business management guru’s, was the one of the first to write “what is measured is managed, and what is managed gets improved”.
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It seems likely that COVID-19 will, whether in its current form or some mutation of it, be part of our lives for some time to come. The vaccine roll out has been done at some serious pace.
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