23 May What Items Do I Need In Order To Sell My Business?
Once the decision has been made to sell your business you will need to make sure that you have all the documents put together that a buyer would require. Having the documents ready to go will ensure a smooth sales process and minimize the potential for any surprises.
• 3 years of Profit and Loss Statements
• 3 Years of Balance Sheets
• 3 Years of Business Tax Returns
• Copy of the Lease agreement (if the space is leased)
• A detailed list of assets to be included in the sale
• A detailed list of customers and their representative concentration (how much revenue does each customer account for?)
• Copies of Business/Trade/Tax Licenses if applicable
• Any contracts material to the business (customer, vendor, maintenance, etc…)
• Bank and Credit Card Statements
The complete assembly of the above documents, prior to listing a business for sale, greatly increases the odds of a business being sold quickly and for top dollar. Documents not property aligning (Profit and Loss numbers = tax return numbers = bank statement/credit card receipts) typically result in deals terminating during the due diligence process.
Please note that the only documents shared with prospective purchasers prior to an accepted offer (including proof of funds, earnest funds and the opening of escrow) are Profit and Loss Statements. All the additional information/documents are held in the highest confidence.
If you would like to discuss the sale of your business please give Daniel Lynch of Strategic Business Brokers Tucson at call at 520-595-4940.