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Buying / Selling a business and Succession.

Buying

You’re thinking of starting your own business or extending your present business?  Most people think of beginning from scratch--developing their own ideas and building the company from the ground up.  But this presents you with a few problems, e.g. difficulty of building a customer base, marketing the new business, hiring employees and establishing cash flow. . . all without a track record or reputation to go on.

Developing your present business has similar problems.  It takes time and your competitors may be in your way.  In fact, they will do everything to slow you down.

If you've decided to buy an existing business, you want to be sure you're making the right choice in your venture. Only you can determine the right business for your needs; however, The Synergy Group can help you with your choices.

We will bring you through the process of choosing your business to buy, negotiating with the seller, doing your research, analysing and interpreting the figures, doing your future projections and plans and finally looking after the legalities. 

It’s a confusing area and you can be excused for being bamboozled.  However, your future depends on your choices, so you have to stack the odds in your favour.

Selling


Selling a business is not as simple as making a decision to sell, putting an ad in the paper and selling.  Remember you only sell your business once and you want to make sure you get as much as possible for it.

You need to prepare well in advance, and in many cases, years in advance. You have to ask yourself some questions, e.g.

Succession Planning

You want to retire or you want to reduce your involvement in your business.  Succession planning is the process of developing your internal people with leadership capability to take over particular roles.  Many larger companies carry out succession planning as part of their core ethos, thereby strengthening their management team. 

The smaller company, which is generally owner managed, does not normally prepare well.  This could be due to the psychological issues relating to entrepreneurship whereby the owner thinks that they are the only person to run their business and no-one else can do it better.

Succession planning could also be the process of developing your partners or siblings to take over.  This has its own problems on both sides, e.g. resentment by some or all who have not been chosen.

You need to decide on what you want to do and who is most capable to take over.  You have to prepare them in advance, measure their improvement and generally make sure they have the skills.  You have to examine whether you are the right person to do this because you may be too close to it. In many situations, it is better on both sides, if you engage a professional consultant.

What The Synergy Group can do for you:

Call The Synergy Group to get a free overview of your situation and we will advise you on a way forward. Then, if you wish, we will hold your hand to make sure it works.

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