Full Video Transcript
There are certain steps to take before selling a business. First, get a business appraisal of the company to know the business's value. This allows you to set an asking price. Second, get your financial books and records in order. You need to have your profit and loss statements, balance sheets, tax returns, inventory lists, lease agreements and other documents such as insurance policies and employment agreements at the ready and able to be provided in a timely manner. Third, make sure your potential buyers are qualified. As a seller you should have the potential buyer provide basic information such as contact information, employment history, educational background and reason for interest in the business. Lastly, negotiate the deal. Make sure an accountant and attorney help you assess any tax consequences at the negotiated terms.