Thinking that you might want to sell your business in the next few years? If so, make sure your financial records are up to snuff. It will save you time, effort (and maybe even embarrassment) later on. To start, let’s understand who the most likely buyer of your business might be.
If you are a co-owner of a business, let’s hope that you have a buy-sell agreement in place. Why, you ask? Well, “stuff” happens. The kind of “stuff” that triggers a buy-sell agreement generally falls into five categories, otherwise known as the four D’s and an R: Death, Disability, Divorce, Disagreement and Retirement.
Buy-Sell Agreements are legal documents that govern how ownership will change hands in privately owned companies if and when something significant happens to one of the owners. These agreements are intended to ensure the remaining owner(s) control the outcome during critical transitions, while making sure the transitioning owner (or their estate) are treated fairly and equitably.
Another good article from Entrepreneur magazine on selling your business.
If you’re thinking about selling your business, think twice……..
Part Two of Buy-Sell Agreements. Be sure to read if you are in partnership or a co-owner of your business.
Most privately owned companies have buy-sell agreements. They call for the purchase,…..
A great article for those re-visiting their buy-sell agreements.
Buy-sell agreements are some of the least understood, yet most important corporate documents in your client’s corporate files.
Here is a great article if you are in partnership with other co-owners. Hope you have a buy-sell agreement in place. If not here is some food for thought…….
This is a really good synopsis of some of the key numbers…..
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