Aim to present potential purchasers with as 'tidy' a business as possible. Systems and relationships may need formalising. This includes ensuring that you have:
- Effective management information systems.
- Well-maintained premises and equipment.
- Written documentation for all key contractual relationships eg with customers, suppliers and employees.
You may also need to tidy up any areas where important business assets are owned by you personally. For example, if the business relies on intellectual property which you own personally, you will need to arrange to assign or licence the intellectual property to the business. Similarly, it might no longer be appropriate for your pension fund to be invested in the premises which the business occupies.
