Selling a fashion boutique

Alex Cousins on preparing the business for sale...

"I didn’t really prepare much. I simply stated the situation of the business and where it was at -the financials etc - and put it up for sale."

On the level of interest in the business...

"I actually got quite a bit of interest. I had about seven or eight people interested - and I met quite a few of them so it was a good turnout."

On the questions posed by prospective buyers...

"The potential buyers were interested first and foremost in the financials as well as the potential and overall vision of the business."

On valuing the business...

"In my case I think people were buying more than the business – they were actually buying potential. I just set the value at what I felt it was worth, and then they looked at and projected the figures to two years down the line and came to a figure that seemed to make sense."

On revising the original price downwards...

"I did adjust it. Especially in todays economy, people tend to not get their asking price, whether for a property or a business. Everyone is looking for a bargain at the moment.

On whether she would do anything differently if she went through the sales process again...

List the minuses as well as the pluses, because I feel that if you are honest and transparent then that is a huge plus

"Not really, I think it was a good way [of conducting the sales process]. Ideally I would have had more time, but unfortunately there were partners involved that wanted to sell quicker than maybe I would have liked to.

"I do think I could have got a higher figure if I'd waited, because I think when we sold the market was rock bottom, so it wasn’t the greatest time for selling. But otherwise I would have done similar steps again, yes."

Advice for prospective business sellers...

"Be as honest and transparent as possible. List the minuses as well as the pluses, because I feel that if you are honest and transparent then that is a huge plus.

"Depending on how quickly you want to sell your business, then be flexible and be realistic in your expectations."