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    Tenerife Business » Useful Information » Selling a Business in Tenerife » Business Sales Information Pack
Updated: 01-04-2010

How to Prepare a Tenerife Business Sales Information Pack

If you want to sell a business in Tenerife, then the first step is to prepare a sales information pack. Serious buyers ask questions, and if you haven’t got the answers ready and waiting, then not only will they see you as unprofessional, they will lose patience. Delays in acquiring information and supporting paperwork cause suspicion, and that means lost buyers: Preparing a good information pack is vital if you want to get your Tenerife business sold.

 

A good Tenerife Business sales agent will be invaluable in this exercise. Be transparent with your business agent. If your agent knows where the pitfalls might be, he can prepare from the beginning. There’s nothing more guaranteed to put off a buyer than discovering a hitch right before they sign. We here at Frina Tenerife can offer you a variety of services that will help your Tenerife business sale be as quick and efficient as possible.

 

1. Your Business Lease

Unless your business if freehold, you’ll need to know the terms of your contract. Get a copy of your lease as a buyer will want their lawyer to examine it.

 

2. Your Business Licenses

If you have applied for a business license in Tenerife but you have not yet received it, check the progress with your Gestor and get a copy of the application. The more documents you have, the better. Each document is one more proof of your business’ legitimacy. The legality of a business is a common worry for buyers, especially when they are considering Tenerife bars for sale. So assemble copies of any ‘proyectos’, security certificates, electricity ‘boletins’ etc.

 

3. Your Suppliers

List all your suppliers and their contact details. Include all suppliers who maintain equipment, deliver stock or provide any sort of service to your Tenerife business. The more organised your business looks, the more attractive it is to a buyer.

 

4. Your Outstanding Bills

Any buyer will want to know what the business owes, so get your bills together!

 

5. Your Business Inventory

You will need an inventory listing the valuable assets that will be sold as part of your business. This is not something to be roughly assembled at the last minute. Your agent or your accountant can probably help you to put this inventory together.

 

6. Your Financial Info

Even if your business is in the modular tax system and you don’t need to keep detailed accounting, buyers will want to see some accounts of your previous year. With no accounts, you have no real leg to stand on if the buyer offers a lower price. Your accounts are the single most important proof of the viability of your business. Many buyers will not even consider a business if no accounts can be provided. It might take a while, but it’s worth your while.

 

7. Your Story

Last, but definitely not least, is to prepare the story of your business. You need to be able to explain your business to a prospective buyer. Who are your customers? Do you have regular customers? How do customers find your business? Do you do any advertising? Who are your competitors? You need to be able to explain why and how your business is successful.
 

By Irina Saltmarsh


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