BUSINESSES in Lancashire planning to sell are advised to get as much information as possible from a professionally qualified accountant.
The Chartered Association of Certified Accountants (ACCA) says businesses should make sure they get a price that will reflect the worth of the business and a reasonable return on the investment they have made.
Ilyas Patel, Lancashire spokesperson of ACCA, said: "Business may be sold for many reasons; the owner may want to retire, he or she may have ill-health.
"But there are many pitfalls. It is also important to be aware of the tax implications. Seeking help from a professionally qualified accountant can take the worry out of selling," he added.
Research by Professor Sue Birley of Imperial College shows that nearly 28% of business entrepreneurs worry about whether or not to sell their business and how they would find a buyer.
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