A recent article in BizBen.Com describes 13 very important steps needed for a successful sale of a business.
Overall only 30% of all small businesses for sale throughout California that are put on the market (either formally through advertising or informally by “getting the word out”) are actually sold! A surprising statistic to most small business owners, agents, and certified business brokers trying to sell a small to mid-sized California business!
Have All Records Ready Before You Go To Market!
Have these items ready before the business goes on the market to be sold: The last 3 years of federal tax returns for the business being sold, the last 3 years of financials (profit & loss statement, balance sheet), the last 3 years of monthly bank statements, copy of current lease, list of all equipment being sold with the business, etc – many parties during the selling process will need this info – serious business buyers, your landlord for a new lease for the new buyer, lenders (for a possible loan/financing for the buyer, note buyback firm (in case you want to sell the note for cash after the business sells). Also make sure you know what the correct adjusted net income has been for the last 3 years. Serious business buyers will want to know this.