So You Want to Sell Your Business…
Baby boomers are leaving the workforce in droves. But a business owner who wants to retire cannot simply turn off the lights and head to the beach. Selling a company and getting fair value generally takes several years and careful planning.
Step One: Polish the apple.
Do not conduct a “Get me the heck out of here” sale. A buyer will not pay full value if it appears a seller is desperate. The seller should have a story that conveys a sensible reason for selling. Additionally:
- A business history should be prepared; financials and corporate books should be in perfect order.
- Three years of tax returns should be gathered.
- Documentation for IP, licenses and employment agreements should be made available.