Business owners - preparing to sell your business?

However to ensure that the sale of a business proceeds quickly business owners must prepare for the sale well in advance.

There are many things you can do to make the task more pleasant for yourself as well as the buyer and also your lawyers. This preparation may also reduce your legal costs.

Your preparation should commence long before you engage an agent to sell or you commence advertising.

Here are some suggestions for you. The next page contains a short Check List for you - use it in your preparations for a sale

• Whatever else you may do, do not exaggerate or misrepresent the performance of your business or your client base etc in your advertising, negotiations or in your documents. If you do that and the buyer fails in the business, there is a good chance you will be sued and compensating the buyer.

  Stick to the facts.

• if you bought the business, you should have the original contract available. It may have some useful information about what was bought by you and by whom?

  It is surprising that occasionally business operators are not sure who actually owns the business they wish to sell.

• Are your accounting records up to date? It is almost certain you will be asked records for the last 2-3 years and if they are presented in a neat ready form, it will be beneficial to you and the buyer. The buyer will probably present them to his / her accountant and possibly, the buyer's bank
  Please click the "Next" link below for the Check List.

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