Getting Your Business Ready for Sale

When you get serious about selling your business, it is a good idea to:

  1. Remove any assets you want to keep – weekend homes, automobiles, boats, RVs, artwork, and any other items that are not essential to the business or that you want to own after the sale.
  1. Update minutes, resolutions, and consents of members, managers, directors, or shareholders, depending on the entity type.
  1. Settle outstanding claims and lawsuits.
  1. Review all contracts for potential problems.
  1. Clean and organize the business premises.
  1. Review and update the books and records to reflect the current ownership.
  1. Documents all loans to or from owners and employees.
  1. Review all intellectual property, identify any licenses from a third party, and determine if a transfer is restricted.
  1. Review and update financial books and records.

This post is not intended to be an exhaustive treatment of its subject matter but an overview of some of the pertinent elements of the subject discussed. It is not legal advice or a legal opinion and should not be relied on in making legal or business decisions.