Have you started to think about selling the family restaurant or business that you’ve put your heart, soul, and sweat into the last couple of years? If so, you’ll want to hear from Atlantic Business Brokerage about the essential documents you’ll need to sell your business successfully. While the process of gathering paperwork to sell your business may feel overwhelming, buyers will want to know all of the inside details before placing an offer. You are also legally required to be completely transparent with potential buyers about what they may be getting into. So, what will you need?
Selling Your Business: Financial Records
You’ll need to show your financial records to any potential buyers, usually through bookkeeping services. These documents are a long-term summary of your business’s income (which can determine profitability), loss, net value, and expenses. This will give buyers an inside glimpse of how much they’ll potentially have to spend out of pocket or obtain a loan for. Financial records can also demonstrate your business’s financial health, or even the decline of the company.
Will you be leaving behind specialty espresso machines or a highly valued walk-in freezer? A list of assets that you’re willing to include within your business’s sale can serve as a negotiation point for buyers. Does your company have numerous 5-star reviews online and local regulars? If so, your business can potentially be considered more valuable than a business that has a local reputation that is less than favorable. Provide documentation of your assets for buyers and incorporate proof of purchase with current market value.
Lastly, one of the most important documents you can provide for potential buyers is your tax returns. Tax returns are your legal documents that verify your business’s income throughout the last few years. You can incorporate as many tax returns as you’d like for potential buyers, especially to demonstrate consistent growth and profitability throughout the years.
Pay Attention to State Laws
While this list is not all-encompassing for what you’ll need to sell your business, Atlantic Business Brokerage can help and assist you along the way as experts in the industry. Contact us at (410) 561-9800 for all of your small business and franchise selling needs!
Sell With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match. Contact us to discuss your business buying and selling goals today at 410-561-9800 or Toll-Free at 800-279-7569. Email us at [email protected], and follow us online on Facebook and LinkedIn.