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How to Sell a Business

Learn the key issues involved in selling a business

A Man on phone while standing next to a skyscraper

A half-day course presented in a virtual class

In-house pricing available – often more cost-effective for teams of 10+
pdf Download:   Course Outline

Understanding why businesses are sold – and bought

  • Seller circumstances
  • Management focus/ Strategic change
  • Is price everything? Other criteria
  • Buyer motives

Alternative methods of sale

  • ‘Seven solutions’
  • When is an IPO an option?
  • Auction sale to trade
  • Private equity/ MBO

Choosing an adviser and a deal team – seller’s perspective

  • How to differentiate and choose the right adviser
  • Other advisers
  • The role of management – incentives and rewards

Business value framework

  • Three main approaches: assets, earnings, market
  • Focus on cash flow to understand the fundamentals of value
  • Enterprise (business) value and equity value

Pre-sale preparation

  • What steps can or should be considered, and why?
  • Contrast long-lead time, multi-year preparation with immediate launch
  • Focus on presentation of ‘clean’ financial information
  • Case study - Dealing with an inbound approach and no prior preparation

Tradecraft and timetable

  • Sell-side best practice
  • Review the classic M&A auction process
  • Principles underlying – information release and what this means for buyer and seller
  • Evolution from expression of interest through to indicative and final offers
  • What happens after ‘final offers’?
  • Case study – classic auction approach

Process choices

  • Full auction to a wide range of buyers
  • Focused marketing to a small number of buyers – when is this appropriate?
  • Case study – ‘under the radar’ marketing
  • Case study – use of A and B lists
  • Case study – a twin-track sale

Transaction marketing documents

  • Teaser, IM, management presentation
  • Understand the place of each
  • How to transact without an IM

Information release and due diligence choices

  • The place of due diligence – interaction with the marketing documents
  • Overview of core diligence areas
  • Potential areas of specialist investigation
  • Issues in leaving all the diligence to the buyer
  • When may VDD or vendor assist be appropriate?
  • How due diligence can, and will, affect the deal

Earn-outs

  • How do earn-outs work?
  • Issues for sellers

Cash, debt and working capital

  • Seller perspective on these key value points
  • Process for finalising - Completion accounts vs locked box – When is each approach appropriate?
  • Why sellers prefer a locked box

Legal agreements – key issues for sellers

  • NDA
  • Heads of agreement – where do these fit in and what do they achieve?
  • Purchase agreement
  • Disclosure letter, warranties and indemnities – interaction with due diligence

At Redcliffe, our business selling training is conducted by a seasoned expert with more than 30 years of experience in corporate finance and capital markets. Having held key client-side positions and led advisory teams, our trainer offers in-depth insights drawn from decades of hands-on experience.

At the Department of Energy, he was a civil servant involved in the privatisation of British Gas, a global IPO involving a large advisory team. He also worked in the Hungarian Government for two years (1990-92) with the privatisation agency collaborating with numerous advisory firms, as the changing political environment triggered massive ownership change.

Our expert has held prominent roles at leading investment banks, including Swiss Bank Corporation International (now UBS) and Lazard. He also co-founded a successful M&A advisory boutique. He retired in 2021, after a distinguished 13-year tenure in KPMG's global M&A business, based in Scotland.

Drawing on extensive experience in business sales and a wide range of M&A and equity transactions across North and Central America, Asia Pacific, Europe, and more recently, Africa, his courses—including business selling training—are enhanced with real-world case studies from transactions he's personally led, seamlessly combining practical insights with key theoretical concepts.

How to sell a business covers the important objectives you’ll face:
  • This course is appropriate for business owners/sellers and their legal and financial advisers.
  • Enable practitioners with less experience to accelerate their learning around the sale of a business, through discussion of tradecraft, alternatives, case studies and best practices.
  • Give an understanding of why businesses are sold, and also why they are bought.
  • Help sellers understand the options open to them in planning a process and the choices at each stage.
  • Draw out key value points and other commercial terms where wins and losses may ensue.
  • Business selling training empowers participants with the confidence to anticipate and navigate the complexities of the process.

How to sell a business is a ‘must know’ for anyone involved, or expecting to be, in the sale of a business, including:
  • Business owners considering a sale, especially owner-managers who may wish to have a better understanding of what a sale involves and the alternatives to a sale
  • Family business advisers
  • M&A professionals in investment banks, boutique advisory businesses, and the corporate finance arms of accountancy firms
  • Corporate business development teams, for example in large, diverse PLCs where disposals of parts of the business may be on the agenda
  • Venture capitalists wishing to understand the options for their growth investments
  • Private equity professionals
And a ‘nice to know’ for:
  • Legal and other advisers involved in the M&A process, seeking a better understanding of the business sales process and how the M&A processes principles and their financial advisers initiate deals, structure sale processes and negotiate terms.
Business selling training is an engaging online session tailored for those with prior experience in the acquisition process, aiming to refine their understanding of the critical elements that contribute to successful deals.

At Redcliffe Training, our course on how to sell a business covers every key aspect of the process. From understanding the motivations of potential sellers to navigating final pricing and legal agreements, we provide comprehensive guidance every step of the way.

A key element is explaining the importance of thoroughly preparing a business sale and the benefits this brings, through a focused sales effort aimed at maximising value.

The principal steps in the sale process, and the key documents at each stage, are clearly explained in the course. An important section focuses on the value of understanding potential buyers, and how best to drive their interest: selling a business calls for a thoughtful, bespoke negotiating strategy; even if you want to learn how to sell a small business.

This business selling training offers a comprehensive foundation for anyone looking to sell a business or collaborate with sellers.

  • Slides were helpful, examples and case studies were excellent. Lots of helpful content
  • The content was very thorough and covered every aspect of the deal and the instructor was clearly very knowledgeable and was more than happy to answer any questions which made the course more enjoyable.
Number of places:

£ 695.00

Discounts available:

  • 2 places at 20% less
  • 3 places at 30% less
  • 4+ places at 40% less
  • Select the number of course places and dates to automatically calculate the discount
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