What Kind of Advance Planning Should I Be Doing?

The decision to sell what perhaps has taken a lifetime to build is always a difficult one. The preparations needed to maximize value require careful planning and execution.

1.) Bring Your Financial Records Up-to-Date:
You want to be able to show prospective buyers recent financial statements (not necessarily a year end).

2.) Provide an Adjusted Income Statement:
This should provide adjusted figures for extraordinary salary, bonus and benefits received by the owner and family members, which will not be an expense for a new owner.

3.) Prepare a Confidential Information Memorandum:
This document presents the Business in the best possible light as an attractive opportunity for prospective buyers/investors.

4.) Put Your Team Together:
Your team should include your:
        Accountant
        Lawyer
        Tax Advisor
        Selling Agent