After you have retained Sam Goldenberg & Associates to facilitate the sale of your business, the Planning and Preparation begins. This stage often happens in conjunction with our preparation of your business profile and valuation.
Is your business market ready? If you haven’t done so already, now is the time to begin to get your business processes and procedures in order. We invite you to review some of the following tips.
Getting Your Business Ready to Sell
Financial Statements: Make sure your financial statements for the last three years are accurate and up to date.
Purge Old Equipment: If you no longer the archaic fax machine or any other equipment that is obsolete or in disrepair, get rid of them.
Eliminate Slow Moving Inventory: Obsolete inventory may not cost anything to keep on hand, but it is unlikely you or the future owner will find a buyer.
Document Employment Practices: Make sure you have properly recorded payment of overtime, correctly classified 1099 independent contractors, and your employees are satisfactorily trained for their jobs.
Expenses: Make sure your business expenses are clearly detailed.
Ownership: Clean up any old partnership or ownership issues.
Taxes: Make sure your sales taxes, FICA and other tax payments are up to date.
Click for a printable version of this Market-Ready Checklist.