You are ready to sell the business you have spent countless hours, money, and resources building. While you are motivated to sell, the process of selling a business is a lot more complicated (and time-consuming) than you may realize.
To make sure you get the right price, don’t fall into any tax pits. In order to get the most out of your sale, you need to bring in some professionals.
If your business doesn’t already have an accountant, you need one for the sale. An accountant can get your books together – especially profit and loss statements – as well as understand the tax codes for selling your business. Your accountant can also help find a favorable way to deal with the tax implications.
If you do not already have a buyer, then you need to find one. A business broker helps bring buyers to the table without you having to weed through the people who are just “looking” but not really buying. Also, if you are on a tight schedule and want to sell fast, a business broker will bring more leads to you. The broker can also operate like an intermediary, as well as coordinate the meetings, sale, and more.
You should never sell a business without hiring a lawyer. Don’t do your business a disservice by using just any attorney. Instead, use one that is experienced in the purchase and sale of a business. An attorney can:
- Perform due diligence to ensure there is nothing your business is hiding that could turn off a potential buyer as well as avoiding tax or civil lawsuit claims against your business.
- Research the property to make sure your business is located in the right zone.
- Negotiate with potential buyers on sale price, asset distribution, etc.
- Close the sale and draw up the buy-sell agreement.
- File necessary paperwork with the IRS and negotiate any final tax balances.
Selling Your Business? Hire an Experienced Attorney
If you are selling your business, then you need an experienced attorney. Contact the Law Office of Kelley & Fulton today for assistance with your business sale. Our Florida business attorneys can help draw up contracts, negotiate the sale price, and ensure you get what you need from your business sale.