Dos and Don'ts for Business Sellers

If you are a business owner who is contemplating selling your business, please follow these dos or don'ts:

• Do have all of your business documentation in order. This includes financial statements, tax returns, tax filings, lease agreements, loan documents, contracts, etc.
• Don't underestimate the value of your business. Rely on a business valuation professional or an experienced business broker to recast your tax returns to reflect the true cash flow and value.
• Don't overprice your business. This is crucial in order to attract the right buyer for your business and if not followed could bring irreparable damage to your effort.
• Do use a professional business broker or intermediary. You should focus on continuing to operate your business at the highest level. Your broker will assist with determining the asking price, prepare a marketing plan of action to maximize the selling price, maintain confidentiality, handle all buyer activity, negotiations, bring offers and complete the entire transaction to a successful close.

Read the full article on "Dos and Don'ts for business sellers" by Kevin Nery for the New England Business Bulletin.

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga.