16 Nov What to Accomplish Before Selling Your Business
Before you sell a business, an owner should consider completing the following items:
- Remove any items not included in the sale of the business
- Remove or repair any non-functioning equipment.
- Prepare an operations manual to show a new owner all the functions of the business, how things are done, the major customers and suppliers, samples of advertising, and any other information that would help a new owner manage and operate the business.
- Pay all outstanding bills and take care of tax issues.
- Bring your financial statements up to date and have your accounting professional prepare them for a buyer’s inspection.
- Clean up the business inside and out. Fill the shelves, clean up the inventory, and paint the interior if necessary.
No one likes surprises, most of all, prospective buyers. Review every facet of your business and remedy any problems, whether legal, financial, governmental, etc., prior to placing your business up for sale. If you’re ready to sell, contact Moshe Hazout at Transworld Business Advisors today!