A Checklist for Selling Your Business

Okay, so you've decided to sell your business and retire (or for another well-throught-out reason). You've discussed it with your family, and everyone is on board. You don't want any family glitches to delay and possibly torpedo a sales deal you work out. So, what's next?

• Put together your sales team: your accountant, an attorney experienced in business transactions, and a business broker


• Have your business evaluated.


• Develop an exit plan if you haven't already.


• Come up with an idea of your "perfect" buyer and share it with your broker before you sign the legally binding contract to list the business for sale.


• Provide the broker with detailed information about the business: history, product/service mix, organizational chart, growth opportunities, and anything else you think is of value to potential buyers.


• Prepare for due diligence: gather your past three years financials, contracts, and licenses and prepare a disclosure statement. Your professional advisors can help with other items that may be needed.


• Do any maintenance, painting, cleaning, and other sprucing up to improve the physical appearance of your business.


• Negotiate and close the deal.