Plan on selling your business? Here is a much needed checklist!
Here are some tasks business owners should consider completing before going to market to help their businesses sell.
Remove any items not included in the sale. That family heirloom portrait behind the counter of Grandfather William, 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.