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This involves a sale of the company “warts & all” to the buyer, where one of the assets is the business itself. The buyer acquires the company including all of its assets and all of its liabilities. It therefore requires a buyer to be satisfied that the company is ‘clean’. The buyer must be satisfied with the following:
- Any potential for customer or supplier disputes
- Adverse taxation liability
- Latent liabilities
- Incomplete regulatory compliance
QUESTIONS TO ASK YOURSELF
Our Proven Formula, Advice & Steps of Sale
How Will you market the business sale?
If you’re working with a broker, he or she will publicize the sale of your business. To advertise on your own, look into online business directories and local advertising options.
Where Will Staff Members Go?
Think about whether current employees will leave once the business is sold or continue to work under the new owner. Wait until the deal is signed and unconditional to start discussions with staff and help with transitions.
Why Are You Selling?
Selling your business is a big move, so be clear about your reasons. The desire to retire or change industry is a common motivation for business sales. However, if its just that you’re feeling overwhelmed or exhausted, focus on remaining sufficiently dedicated to close the sale.
Who Will Help You Sell?
Most people use a broker. Using a broker is less hassle because you have someone else to help with the details, handle the paperwork, explain the legalities and connect you with a network of buyers.