Sell a Business – Tasks to Do
Before you sell a business or decide to go to market, owners should consider completing the following items:
- Remove any items not included in the sale of the business. That family heirloom portrait behind the counter of Grandfather Smith, founder of the business, should be removed.
- 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.
- Take care of any outstanding bills and resolve any legal, tax, or governmental 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.
Your professional Pittsburgh Business Brokers – TM Business Brokers can assist in all facets of preparation. We know what buyers are looking for and are also familiar with current market conditions.