- Jeremy Bombard
SELLING YOUR BUSINESS – with VIDEO!
Recently, I sat down with Rita Coco to discuss the legal aspects of selling your business. It was recorded for WACA-TV, and if you want to know what is needed from a legal standpoint to sell your business, you can watch the episode here: https://vimeo.com/699551314
First, I wanted to thank Rita for having me on the program. Rita is a small business coach and consultant. For 21 years, she has made business owners more profitable. She has developed a True Business Ownership growth path with specific stages and best practices to get to each next level with ease. I highly recommend her to my clients and suggest you contact her at http://RitaCocoConsulting.com.
In the show, I focused on these points:
1) How to get your business ready to sell:
a. Get your finances organized and spend the time to work with a business consultant.
b. Get a valuation of the business to determine its worth.
c. Work with a business broker to find a buyer.
d. Hire me to ensure your governing documents are in order and assist you with the offer and sale process.
2) The sale process:
a. We determine if you are selling the assets or transferring the interest in the corporation or LLC to the buyer.
b. I draft the agreement and ensure that you have no further liabilities once you sell the business.
c. We discuss your staying on to consult/work and what a reasonable fee would be for that.
d. If there is a lease involved, that needs to be addressed and assigned.
e. We negotiate a non-compete and ensure it is not too oppressive if you want to continue in the same field.
a. The best practice is to involve me sooner rather than later, but in an emergency, we can work to get the closing done in short order.
I encourage you to watch the video to get a complete sense of what is involved in a sale. While this information just scratches the surface, I recommend if you have questions, or are thinking about selling your small business, contact me, and we can have a more detailed conversation.