Selling Your Business? Let Phil Wolfstein Guide You Through the Process
Phil Wolfstein, your trusted Certified Business Broker, guides business owners in California, through the process of selling their business.
Deciding When To Sell Your Business?
Selling your business is a big decision, and timing is crucial. You have invested a significant amount of time, money, and effort into building your business, and it is essential to get the best value for all your hard work. Working with a professional business broker can help you decide the right time to sell and guide you through the entire process.
As a business owner, you need to consider multiple factors when deciding to sell, such as the current market trends, competition, and your personal goals. You should also determine whether your business is profitable, has growth potential, and whether you have a succession plan in place.
A professional business broker can provide you with the guidance and support you need to make informed decisions about selling your business. They can help you prepare your business for sale, determine its value, market it to potential buyers, and negotiate the best deal possible.
Taking the First Steps To Selling Your Business
Taking the first steps to sell your business can seem daunting, but it all starts with gathering and organizing the necessary information. This includes financial statements, tax returns, lease agreements, customer and supplier contracts, and employee agreements. Once you have all of this information, spend some time updating it and filling in any missing pieces. It's important to present this information in a neat and orderly format as if you were going to present it to a prospective buyer.
However, it's not just about determining the selling price of your business. It's also important to consider the tax implications of a sale. The federal tax laws determine how much money you will be able to put in the bank, and how your business is legally formed can impact your tax status. Before even considering selling your business, it's crucial to discuss the tax implications with a tax advisor. You don't want to be in the middle of a transaction with a solid buyer only to realize that the tax implications will net you much less than you had anticipated.
Checklist of What You Will Need
- Three years’ profit & loss statements and balance sheets
- Federal Income Tax returns for the business
- List of furniture, fixtures, and equipment
- The lease and lease-related documents
- A list of the loans against the business (amounts and payment schedule)
- Copies of any equipment leases
- A copy of the franchise agreement, if applicable
- A list of current inventory, if applicable
- The names of any outside advisors
If you're considering selling your business, contact me for expert guidance and support. I can answer any questions you have and help you achieve the best possible outcome for your business sale.
