Moving On: Trying to Sell your Workplace

There may be many reasons you are looking to sell your workplace. You might be looking to move in a new direction in your career; maybe you have decided the time is right to save substantially on rent, get out of the property game and work from a virtual office; or maybe you want to expand to much larger premises.

Whatever the reason, you need to take practical steps to ensure your workplace is in the best position to sell.

Prepare for Sale

The first decision you will need to make is whether you are selling the business as a going conce or whether you are looking for someone to take on the property only. This will depend what type of business you run and what your future plans are. For example, if you are selling a cafe in a town you will probably hand it over in its entirety, whereas if you are an accountant you may well be intending to take your clients with you when you move to a new location, unless you are changing career or retiring.

Either way, you need to get the property in good condition, so carry out any necessary repairs and update areas which look shabby by repainting or replacing the flooring. Just as you might prepare your house for sale, you want a workplace to look as attractive and welcoming as possible, so that people are keen to take it on.

In addition, although this should be in place already, do a double check to make sure your business complies with all legislation, including: environmental; health and safety; and any professional requirements. Also check all necessary insurances are in place and you have sufficient cover for the size of the business.

Advertise Wisely

The next step you need to consider is where to advertise. You can try the property and business sections of the local papers, estate agents and of course online, which is now the place most potential buyers will look first.

However, you should also consider the specialist sites which cater to your type of business. For example, if someone is looking to purchase a dental practice they will have a very specific set of needs, as well as potentially looking for businesses with existing clients. They would turn first then to sites such as Dental Elite which specializes in the needs of buyers and vendors of dental practices. Whatever your profession there will be a site which offers a similar service and they are most likely to have a large pool of serious buyers.

Be Prepared

When someone comes to view the business it is important you have all the relevant data at your fingertips and this is particularly true if you are selling it as a going concern.

Potential buyers will be interested in the following areas:

· The cost of business rates

· Quarterly utility bills

· How many clients are on your books or customer numbers per month

· Turnover and profit levels

· Up to date accounts and cash flow statements

· What is included in the sale, including equipment, fittings and fixtures

· If the business is being sold as a going conce they will need to know about existing staff and any TUPE protection

The more prepared you are when buyers come to view and to talk terms, the higher the price you are going to get. You should also research the local market and get an accurate estimate of what your business is worth, so you don’t get short changed. However, also remember your workplace is only worth what someone is willing to pay for it, so be ready to negotiate. Once the deal is done, you have the pleasure of moving on to pastures new.