Yeah, there’s a lot of things that that
we need to think about when we start
thinking about selling or transitioning
um out of a business. Uh really, first
things first, we need to get experts
involved and from the get-go because
they’re going to help you plan and and
make a good course and roadmap for where
you ultimately want to be. And then the
next thing we want to do is we want to
look and make sure that we have our
housekeeping things in order. We want to
make sure our business documents are all
together. Make sure our documents are up
to date. Make sure the Secretary of
State filings are all, you know,
everything’s in good form. Um, the next
thing that we want to do is uh we want
to make sure see if there’s any
liabilities that are outstanding. Kind
of clear things up. anything that a
buyer or somebody coming into ownership
would be interested in having resolved
before having, you know, getting to the
sale. There’s some other things that we
want to also look at. Uh whether the
business owns real estate, uh it’s a
lucrative opportunity to to step the
real estate out of that business
ownership and into a private ownership
to begin uh leasing the business if it
hasn’t already been leased to the
business. Um which you can actually
continue after the sale. it kind of
becomes a little bit more of an
investment for you um after the sale of
the business. So, the next thing that we
want to start looking at is doing an
internal review of making sure that our
entities are cleaned up. Make sure you
know if if there’s multiple entities,
making sure that uh equipment is
properly titled into the business, just
making sure that the package that a
potential purchaser or someone would be
interested in buying the company is
going to want to see there in place.
that’ll help protect the value of your
business and really not allow it to be
nickeled and dimed out or or uh uh
chipped away at. Next thing we also want
to look at is uh the assignability of
different contracts that the business
has uh different vendors that are used.
Make sure that those would be seamlessly
um integrated with the new buyer because
that’s something the buyer is going to
be interested in. And then we also want
to look at to make sure that there’s
some what what tax ramifications or
estate planning uh interest that we
might have in that sale because there’s
a lot of things that you can do before
the sale to prepare for that. And we
would work with as we do a lot of estate
planning um that goes into that uh that
business sale and then working with
other adviserss to make sure that that
sale benefits you the best. And then
lastly, we also want to make sure that
there’s confidentiality agreements in
place such as NDAs, non-disclosure
agreements. That way, your business
during the negotiation phase of any kind
of transaction is protected the most.