Is Your Business Ready for Sale?
From helping hundreds of clients sell and buy their businesses, we have seen first-hand the difference it makes when a business is ready for sale (or not!).
The seller of a well-prepared business can benefit from fewer delays, a quicker and smoother process, lower legal and accounting costs, and sometimes a higher price.
If you want your business to be prepared for a sale, here are 9 steps you can take now:
Bring 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, if you don’t have one, create one).
Document and organize all licenses, permits and significant contracts.
Put agreements with key employees and independent contractors into writing.
Resolve outstanding business disputes (with customers, suppliers, ex-employees, etc.).
Prepare an up-to-date list of the business assets and inventory.
List any consents required for a sale (from landlord, franchisor, lender, etc.).
Beacon Law Centre offers 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.