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Here are 12 specific issues you should address in preparing your business for sale:
- Prepare and organize the company information that will be needed. This information will be used to value the business, to develop the formal presentation needed to sell the company, and to support the explanation of the business to a prospective purchaser
Checklist of business information:
- Income Tax Returns - three to five years
- Financial Statements - three to five years
- Bank and accounting records to support the above
- Leases and Contracts
- Customer & Supplier lists and agreements
- Copies of all sales literature and explanation of company marketing strategy & tactics
- Organization chart and job description for key employees
- Written explanation of the method of doing business; how are the products created and delivered to customers
- Hours of operation and Owners hours worked
- Identification and analyses of the competition
- Written explanation of accounting procedures and financial condition of the company
- Review the structure and content of your financial statements to be sure they will withstand the scrutiny of the Buyers’ accounting examination. If a prospective Buyer finds inconsistencies or inaccuracies in your financial reports, they will question all the information that you provide. And you can be sure that this will be reflected in a lower offering price.
(Business Information Preparation)
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