When Selling your Orlando Business you should there are several critical items you need to have ready to go to expedite the process and mitigate any problems. As an Orlando Business Owner when you think about selling your business these are just a few of the items you need to have ready to go before you sell your business. Orlando Business Broker Michael Shea has prepared this list:
1. Tax Returns: Corporate Returns…understand Owner Benefit and how its calculated
2. Financial and Banking Documents: Profit and Loss Statements and Bank Statements
3. Licenses, Inspections, and Permits: Be current
4. Property/Lease Documents: Insure assignability
5. Employee list with job titles and length of service: an Organizational Chart is nice
6. Employee hiring, training, non-compete or anti-solicitation records if applicable
7. Telecommunications (Internet and Website Management): Monitor your on line presence and clean it up
8. Equipment, furniture, fixture lists with an approximate age: liquidate old equipment and remove it
9. Equipment Lease or Warranty Documents: know payoff amounts
10. Inventory counts/audits: You should discard or liquidate non sellable inventory
11. Auto/Truck leases, loans or titles
12 Customer list and percentages of sales: No one should be more than 20%
13. Vendor list
14. Franchise agreements: Know your transfer fee
15. Price lists, menus, brochures
These items are some of the things a buyer or bank will need to review for a successful purchase. In the normal course of business, you should have them in order and on hand. A potential buyer will want to know where your profits come from, how you train your employees, and what you own or owe. Being ready to answer any and all of these questions will make your business that much more attractive to the kind of buyer you will want to negotiate with.
For more on selling your Orlando, Florida Business Contact Orlando Business Broker Michael Shea at 321-287-0349 or email him at mike@tworld.com
—