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Selling a Business by Owner

Selling a business or transferring ownership can be a little bit complex. Here are a few common methods or tips for selling a business.

  • Once you decide to sell, prepare all documents, get an opinion on the valuation of business, and show all the necessary papers to your bookkeepers, attorney, and other business advisors.
  • Keep the business premises as clean and neat as possible.
  • Once you get the valuation report of your business prepare professional marketing materials for prospects.
  • Prepare your comments on audio and video, in whatever language you are comfortable, with the targeted community in mind. Emphasize your business experience, salient features of the business, and the scope of future expansions of the business.
  • Post all necessary material on BizWorldUSA.com.
  • Return phone calls and emails in a timely manner.
  • Get confidential agreements from other parties before releasing vital information.
  • Set up meetings with all prospective buyers.
  • Review the buyer financials and resume before releasing your information.
  • Once the buyer likes the business, hire a professional to write a contact.
  • Ask the buyer to do all necessary investigation with their own team and cooperate with their team in a timely manner.
  • Once the buyer is satisfied with all investigation reports, sign a fully executed contract with no contingencies.
  • Approach the escrow company or attorney for the transfer of ownership.
  • Provide all necessary departments and their contact numbers to apply for all licenses and permits.
  • Introduce the landlord to the buyer to discuss the lease.
  • Ask the escrow or attorney for all legal discourses and hand over to the buyer. Ask them to do the same or ask them to take a third-party‚Äôs opinion.
  • Coordinate with all parties involved in the transactions to fulfill the executed contract.
  • All parties have to read and approve the escrow papers.
  • All parties have to sign the escrow papers and record it in the appropriate places.
  • Finally, successfully close escrow with transfer of ownership.
  • Provide necessary training to the buyer.

Due to the complexity of the sale and nature of the liability, it is always a good idea to hire business professionals to sell a business or supervise the sale of a business. Please talk with your attorney/CPA/business advisor before selling by yourself.

If you want to know more about the stages of selling a business by owner, have further questions on selling by owner, or need assistance to sell a business, please contact us at help@bizworldusa.com or 415-234-8833 and one of our approved business professional consultants will contact you.