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Checklist and Tips for Selling a Business

Answer: Acquire every last after tax dollar and get paid in cash. Also, follow three critical steps before proceeding:

1. Preplan the sale of your business. This should not be a spur of the moment decision. Rather, it should be well planned in advance. Though it is not possible to control the external environment, such as interest rates and strength of the economy, it is possible to plan for an orderly transition. Start thinking about some obvious sources for a potential buyer. For example, should an employee be groomed for possible succession? Might a good customer be interested in acquiring your business in the event of its sale? Continue reading