Selling Your Business

Steps to Follow

Written by Steven Miller, CPA       July 8, 2018

ARE YOU READY TO MOVE ON TO SOMETHING NEW IN YOUR LIFE?

Why?  The motivation to sell your business is a driving force for developing a strategy on how to sell your business. 

Whether the impetus is based upon typical factors such as age, health, boredom, stress or maybe it’s a lack of success. You’ve made the decision.  Congratulations!

DEVELOPING A PLAN

The vast majority of sellers have never experienced the process.

How do you begin and where do you go?

You are probably in uncharted territory.  You may look to friends or associates who have sold a business. 

My first recommendation is to gather an experienced group of professionals.  Each one provides a level of guidance to help you choose your course.  

There are plenty of minefields out there.  Finding and negotiating with buyers is only a small part of the process.  This is nothing like selling a used car.

CRITICAL POINTS FOR CONSIDERATION

  • Financial results tell your story.  Get your books and records in pristine condition.

  • Legal contracts require a business attorney.

  • Tax considerations determine what you are left with.  Sales price allocations are a negotiable issue.

  • Your type of business entity factors into the tax impact.

  • Will a business valuation be required & how do you obtain one?

  • Is Tax-Free sale possible?

  • What are you selling – assets or stock? 

  • How does Goodwill factor into the deal?

  • What plans do you have after the sale?  Where will you put the money?

The selling process is hard work.  The above list is a small portion of the many considerations you must face when you wish to sell your business. 

The firm of Steven Miller CPA PC has built a collaborative team of attorneys, business brokers, and other professionals to guide you to an enhanced result.



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