We have helped hundreds of clients with the purchase or sale of a business, and we have seen first had the difference it makes when the business is ready for sale. Fewer delays, a smoother closing, lower legal and accounting costs and sometimes even a higher sale price are some of the benefits for the prepared seller.
Here are some steps you can take now to get your business prepared for a sale:
- Get the financial records up to date.
- Separate personal assets and expenses from the business.
- Ensure the corporate records are up to date.
- Update your operations manual (or create one).
- Document and organize the licenses, permits and significant contracts.
- Put key employment and independent contractor agreements into writing.
- Resolve outstanding business disputes (with customers, suppliers, ex-employees, etc.).
- Prepare an asset list.
- List any consents required for the sale (landlord, franchisor, lender, etc.).
We offer a comprehensive Business Legal Checkup to identify outstanding legal issues, and our Business Sale Navigator® program is designed to assist business owners through the sale process. If selling your business is on your radar, give us a call.