Closely Held Businesses Attorney in Hopkins, Minnesota

Preparing to Sell the Business

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When a small business owner is getting ready to sell their business and before probably they even list it or engage a broker to go try to find a buyer, they really need to get their house in order. They need to get their financial records together, because any sale of a business, the buyer is going to want a due diligence period, where they review the business records, the contracts that are available. So it’s important for the business owner to make sure those documents are in order and have all been prepared. I know that a lot of small businesses don’t do monthly financial statements and things like that, and they engage the services of an accountant.

So they want to make sure that if they are going to sell their business, the buyer is going to want to have evidence of how successful the business was, and the only way to do that is to have financial reports done. So that’s very important, and along with that, getting all the contracts that might go along with the business, employment agreements and things like that so, you know, the buyer has ready access to them.

Minneapolis Estate Planning Attorney Ned Ostenso, talks about what small business owners can do when preparing their business for sale.

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