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What to know about selling a company

Business owners in North Carolina and elsewhere who plan on selling their companies should start preparing for the sale as soon as possible. Being proactive about the process of selling a company allows an owner to exert more control over it. In most cases, it will take about a year to complete the transaction. Ideally, a company will have an outside accountant prepare formal financial statements that a buyer can review.

While it's not mandatory, it is usually a good idea to provide audited statements as the information is more reliable. Businesses will also need to compile a detailed list of all the assets that are included as part of the deal. For example, a buyer will want to see a list of all the clients a company has or learn more about how much any equipment the organization owns is worth. It is typically a good idea to have real estate or other valuable tangible assets appraised before the sale process begins.

It is important to understand how the transaction will be structured before accepting a deal. In most cases, the current owner will need to remain with the company for a year or so after the deal closes. The buyer might also ask to pay in installments as opposed to making a lump sum payment to acquire the organization.

Anyone who is contemplating the sale of a business will likely want to do so with the help of an attorney. Legal counsel may be able to help a person prepare financial statements or organize other key information related to the sale. This may allow the deal to close in a timely manner. An attorney might also help a business owner resolve any disputes that arise during the sale process or after the sale process concludes.

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What to know about selling a company | Britton Law, P.A.