The idea of selling your business can seem daunting but knowing how to avoid these common deal breakers can help ensure a smooth selling process for you.
Every business has key employees that help keep the business running smoothly. Ensure that your key employees have signed a non- compete and non-solicitation of customers when hired if necessary. This helps to ensure that at any point during the sale of the business, these key employees won’t be able to undermine the business sale or impair daily operations if they were to leave.
To secure a smooth transition of ownership and continuity of business operations, ensure any intellectual property owned by the company can be transferred to the new owner. If there is an active lease make sure to have a copy of the lease available, and check with the landlord that the lease is transferable.
When preparing for a sale of your company begin pulling important corporate records such as ownership, shareholder, and operating agreements to ensure they are up to date and readily available. Gather all financial data for the company including information on any outstanding liens or loans that will need to be cleared before or after closing. Lastly, if your company deals with vendors, suppliers, and consultants it’s important to have all the contracts in writing and speak with them about continuing service with a new owner.