I've Taken A Good Bit Of Cash Out Of My Company And Not Recorded It, In Valuing My Business Do I Get Credit For That?
This is a difficult one, it is very, very difficult to prove to a prospective buyer that you have earned income that has not been reported. The only suggestion here is if you are not reporting income stop right now and maintain accurate records including all income. There are some businesses that do sell in spite of this fact.
What's Selling My Business Going To Cost Me?
Transworld has no upfront fees. Our business brokers will analyze your company and go through the entire process with no cost to you. Your only obligation is when we find a buyer for your business. We traditionally receive our payment at closing.
I Own The Property Where My Company Is Located, Do I Have To Sell That As Well?
This can be handled in many ways. Often the property is sold as a separate listing. However, the company owner will frequently retain the property, obtain a long term lease and earn an ongoing cash flow stream. Also, the property can aid a buyer's ability to finance the business.
I Keep A Lot Of Cash, Inventory, And Receivables In My Business, What Generally Happens To Those Items?
Most small businesses are sold with the seller retaining cash and accounts receivable. A working level of inventory is generally granted to the new owner.
I Owe A Lot Of Money For Various Things That My Company Acquired Over The Years. What Happens To That Debt?
Most often, the company is sold free of all debt. This means that the former owner will be responsible for accounts payable as well as all long-term debt.
What Records Are You Going To Need From Me To Help Sell My Business?
The lack of good business records is the single most common reason for a business sales deal to fall apart. We can't emphasize enough the importance of maintaining good books and records before selling. This includes accurate financial statements, cash register receipts or whatever records are necessary to prove income and expenses. Of course, current tax returns are a must. However, our business brokers are experienced with selling businesses that may have less than adequate records.
What Are The Most Important Things That I Can Do To Get My Business Ready To Sell?
We have a list of the ten most important things that you can do to improve your business before selling, and you can review them on our website.
How Far In Advance Should I Start Planning My Exit Strategy?
Today, no later. Even if you think you are not ready to sell your company right now you can't start preparing too early. One of our experienced agents will be more than happy to meet with you to help you to start thinking about your exit strategy. The first step is the completion of your business valuation. Contact us today to take the first step for your business valuation.
Do I Need An Attorney And An Accountant To Sell A Company?
Buying or selling a company can be a complicated venture. While some companies are sold without the help of accountants and attorneys, we strongly recommend that both the buyer and seller engage professionals.