That help should provide you with the emotional distance and objectivity to secure the best possible outcome. It also provides expertise and experience to help achieve your goals so you can focus on running the business

At a personal level, we would suggest informal input from close trusted family and friends who know you – ideally someone who has been through the process themselves

In terms of formally appointed advisers, you would typically need a corporate finance adviser, lawyer and tax specialist

Your corporate finance adviser will work closely with you and under your control to help deliver the best possible outcome with the minimum disruption and damage to the business. In practical terms, this will involve helping formulate your exit strategy, ensuring you understand all the available options, getting the business ready for sale, preparing an information memorandum, identifying and approaching suitable buyers or funders, securing and negotiating offers and project managing the process through to completion including liaising with all other advisers

Your corporate finance adviser will also act as a “buffer” to protect relationships and is often in a better position to say things that a seller cannot

Your lawyer will document the transaction and ensure you are protected as far as possible from any future claims and your tax adviser will ensure that any transaction is as tax efficient as possible – both key and valuable roles

You should be wary of  “doing it yourself”, even if you have been approached or even already had an indicative offer, please do not leave yourself exposed to clever tactics or wording from experienced and streetwise buyers