Check all legal and accounting disputes have been resolved
A new owner won’t want to take on any unresolved legal or accounting problems that could make their first few months in business more difficult than they need to be.
Make sure any legal or tax issues are settled. You’ll want to advertise a problem-free business to attract as many potential buyers as possible. Discuss any issues with your attorney, accountant and us as your bank.
Make sure any leases are ready for a new owner
Ensure any leases have been formalized in a way that’s acceptable to you and your likely buyer. It pays to properly handle the transfer of the lease to your buyer because it’s an integral part of selling a business – and can be a deal-breaker.
You don’t want the lease transfer to be refused by the landlord, so be honest and upfront by letting them know early that you plan on selling. The Small Business Administration (SBA) website has some more information on transferring ownership.
Get maintenance tasks up to date
Paint what needs to be painted, fix anything that’s broken, and repair or replace damaged assets. You don’t have to do it all yourself or get your staff to labor – contract an all-round repairperson to help you out.
Get your business environment looking clean and sellable so you can attract more buyers into taking a closer look. If you need extra funding to get your business up to standard, speak to us about how we can help.
Be certain there aren’t any environmental issues
If your business has any environmental problems, they would be best addressed before going to the marketplace.
Buyers may lose interest in your business opportunity if these issues are ongoing and unable to be solved, so be open and honest with each potential purchaser.