Presale considerations. If you desire to sell your business, what should you do to prepare? Think about staging the sale of your business like staging your home for sale. You could sell your home without preparation but your home sale is that much better with some preparation. Likewise, if you want to sell your business, a little staging goes a long way. Here are a few tips to get started.
- Review and update your company’s website. The website is the first place the buyer will look to understand you. An out of date or incomplete website can harm your business.
- Inventory your legal documents including corporate agreements, employment agreements, customer and vendor contracts, etc. Determine what is missing or incomplete and seek to finalize before going to market.
- Make certain that your company’s financial house is current and in order including your financial statements and tax returns.
- Understand your credit and loan facilities, your regulatory and governmental foot print and your other third party relationships, like your lease, to have knowledge about the potential impact of a sale.
- Consider your personal tax and financial positions. Review and update your estate plan to include the review of gifting options.
For more information on this topic, please contact Mike Mercurio at
ABOUT MIKE MERCURIO
Mr. Mercurio is a Principal and the Chair of the Firm’s Business Law and Transactions Practice Group. He serves as outside general counsel to clients on matters related to corporate and business law, commercial transactions, government contracting, health care, construction services, and real estate. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on all aspects of business and commerce including formation and structure; ownership, management and control; financing and capital; expansion and acquisition; sale and transfer; and contraction and dissolution. He is well versed in the various issues and challenges companies of all sizes and industries face in the business life cycle including start-up, maturation and end stage considerations.
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