Selling A Business

[HenryFord]

Hi. I am thinking of selling my business. If I do sell it how long would it be before I was able to set up again in the same industry and begin trading in a similar manner to now. Thanks in advance.

[Sycamore3House]

When you sell you can put a clause in the contract stating that you will not set up again within a specified time limit (you decide or solicitors advice) and within a certain distance of existing business.

[RATTER15]

I think that really would depend on what is written in the contract of sale and the type of business.

[dzug2]

In principle you can start again straightaway.

In practice whoever buys your business will want a clause in the contract saying you can't do that for a set period. It's up to the two of you to negotiate what that period shall be and any other restrictions

[RATTER15]

Just out of interest, why would you want to sell up and then start again in the same industry in the same area?

[Prudie]

The only time I've come across this is when someone wants to put their business into liquidation and declare it bankrupt. I presume that's not the case here?

[Peter Pedant]

.

as everyone says it depends on whether are clauses in the contract of sale in restraint of trade

if not immediately.

[HenryFord]

just to clarify, i have an offer for my business (not sure if I want to sell yet) but if I do I will still need an income. I would like to take the opportunity to try other things but my current business does well and its what I know, so if I cant find something else that i can do well in I would like the option of returning to my current industry.....so I would like an idea of how long i may have to wait if the above scenario plays out

[Zacs-Master]

If you set up in a different location, I can see your point but if you're setting up in the sa,e location then you will be competing with a successful business and you will have set up costs.

[sellingabusiness]

If you’ve built a business that you’re ready to sell, then that’s definitely something to be proud of. But in terms of the actual sale process, be prepared to encounter a few obstacles along the way.

You can get a good idea about what to expect from this infographic https://www.businesstradecentre.co.uk/step-by-step-advice-for-selling-a-business I saw recently. It covers all of the basics, including the types of professionals you’ll need to hire if you want to get things done right. A lawyer, accountant and financier are all essential. A business sales agent can be a useful ally to have on your side. Basically, the advice is to surround yourself with experts and seek out qualified buyers, rather than risking a dodgy deal that might fall through at the last minute. Good luck with selling your business, but make sure you don’t rush into it!