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Tips for those who are selling their business

Starting and running a business in North Carolina has its unique challenges. However, selling it can have its own set of unique circumstances, and one that requires a lot of forethought and planning.

In the first place, prior to listing it for sale, it is a good idea if the owner determines the exact selling date of the business. It usually takes about two years for most businesses to sell. Then, once the business is listed for sale, the owner can prepare to move. However, it is important that the business continue operating as usual to encourage potential buyers.

During this time, it is also vital that the premises are clean, inviting and professional looking. The property should also make prospective buyers feel safe. Besides ensuring the property looks neat and organized, keeping accurate records of the company's financial affairs is important, too. Prospective buyers will most likely be encouraged to make an offer if they are assured the company's financial records are in order and reflect the truth.

Another tip to make a successful sale is to review the company's online reputation. While owners cannot remove negative reviews, they could respond to the remarks in a positive way or ask satisfied customers to leave positive remarks.

When a person is selling a business, there are many financial and legal matters to consider. From drafting the sales agreement to vetting the potential buyer, complications could arise and details could be missed. Those who are in these circumstances might want to speak with a business law attorney to make sure they have everything covered before the transaction is completed.

Source: Business 2 Community, "10 Vital Steps to Prepare Your Business for Sale", Bruce Hakutizwi, Oct. 17, 2016

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Tips for those who are selling their business | Britton Law, P.A.