Operators keen to sell their businesses should leave the hard negotiating to the experts, according to Panorama Holidays managing director Justin Fleming.
Fleming, who sold his business for ú17m in September 1998, said: “Resist the temptation to go in there yourself at first. It is your business but let the corporate finance advisors do the hard negotiating.”
Vendors should also take a few key people from the company during the process to prove to buyers there is a strong management team, he said.
The whole selling process takes a lot of time and requires commitment from senior management and colleagues.
Sellers should also take into consideration the tax options involved and the bill of the corporate advisors and lawyers.
Reassuring staff after the sale was also a priority.
Fleming informed staff immediately after signing the deal.