Fillable 12 Questions to Ask When Selling a Business (Fit Small Business)

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12 Questions to Ask When Selling a Business (Fit Small Business)

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12 Questions to Ask
When Selling a Business
1. What Do I Need to Do Before Finding a Buyer?
Pay o debt
Organize financial information
Identify weaknesses
2. How Long Does Selling a Business Take?
6-9 Months
3. Should I Oer Seller Financing?
Can sell business for 10-15% more
Finance up to 60-70% of purchase price
5-7 Year term with 6-10% interest
4. How Much is My Business Worth?
Seller’s discretionary earnings (SDE) * Industry multiplier
5. What Documents Do I Need to Have Prepared to Show
Potential Buyers?
Tax returns for the last 3 years
YTD balance sheet
YTD cash flow statement
Summary book of your business
6. What Additional Documents Should I Have Ready for Buyers
Who Start Due Diligence?
Proof of Business Ownership
Business Licenses
Payroll Summaries for 1 Year
Outstanding Accounts Payable
Outstanding Accounts Receivable
Current Loan Documentation
Lease Contracts
Sales Contracts
Details of All Chargebacks or “Owner’s Salary” in Your Financials
3 Years of Profit and Loss Statements
3 Years of Cash Flow Statements
3 Years of Balance Sheets
7. Should I Hire a Broker or Sell the Business Myself?
If you don’t have a good idea of where to find potential buyers
If your business network is not very extensive
If the extra time it will take you to sell the business will cause the
business to suer
8. Who Else Should I Hire When Selling a Business?
Certified Public Accountant (CPA)
Attorney
Investment Bankers
Consultants
9. How Do I Qualify a Buyer?
Sign an NDA
Ask for buyer’s financial summary and credit score
Set deadlines and stick to them
10. What Agreements or Contracts Do Buyers Need to Sign?
Non-Disclosure Agreement
Letter of Intent
Purchase Agreement
Assignment of Leases
Assignment of Licenses
Seller Financing Agreement
Succession Agreements for Employee Benefit Plans
Transfer of Patents, Trademarks, Copyrights, etc..
Seller Consulting Agreement
Asset Acquisition Statement
Transfer of Contracts
11. How Long Does it Take to Close Once I Find a Buyer?
90 - 210 Days
12. What Happens Once My Business is Sold?
Owner stays on as a business employee
Owner is paid as independent business consultant
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12 Questions to Ask When Selling a Business (Fit Small Business)

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Completed 10 March 2021

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