North Carolina business owners who are thinking about selling their companies are urged not to do so on their own. This is because the process of selling a business is stressful, takes time and involves a lot of paperwork. At a minimum, anyone transferring ownership of their company should have a financial, legal and tax professional on their team. It may also be a good idea to have a business broker or investment banker facilitate the sale.
A business broker is ideal for those selling their businesses for less than $5 million to $10 million. Investment bankers should be brought in if the company is on the market at a higher valuation. These professionals will help set a realistic asking price as well as contact buyers in a discreet manner. This is important because clients and employees may be nervous if they find out that a business is for sale.
It is important to properly vet any broker or banker that helps complete a sale as they do work on commission. Having a broker or banker as part of the sale team may make it easier to identify any issues that may need to be resolved before the company is put on the market. Common issues may include incomplete tax records or customer or employee data that is not current.
Depending on the size of a company, business transactions may be complicated and may need to be completed in several steps. An attorney may be able to work with a business owner to increase the odds that the process is completed properly and in a timely manner. This may make it easier for an individual to sell business assets for top dollar or exit the business in an orderly fashion without causing concern or panic.