Selling a Business? Show Your Paperwork
Aug. 17, 2014
The road to selling a business is always long. Usually feelings will start to build up over time, and ultimately, when someone finally decides to go forward with a sale, they tend to have had it on their mind for a while.
Depending on how long you have been thinking it over, you may have already started getting your ducks in a row. If you have not, though, one of the most important things you can do early is start to gather up all of your documents.
Any potential buyer is going to want to see copies of as much paperwork as you can provide. Financial statements going back years, tax returns going back years, lease agreements, etc. In addition, potential buyers would certainly like to see a detailed list of every item of equipment that is included in the business sale, as well as a detailed list of contacts, both for sales transactions and business supplies.
If your company has an operations manual, that should be included in your info packet as well. If not, then you should type up a brief summary describing how the day-to-day business is conducted.
All of this information is to make the transaction as easy as possible for the buyer. You want them to walk in and be immediately impressed with the full meaning of just how valuable your company is, so that their decision to buy comes completely naturally.
Obviously, the details of selling any business are complicated and involved. If you ever have any questions, or are considering buying/selling a business, do not hesitate to get in contact with a skilled business attorney today. The difference between doing it yourself and having help can be drastic.