You are the proud owner of a family business that may have existed for many years and brought profit and joy to several generations.
Perhaps, though, you are ready to consider selling the family business – maybe this is the ideal time to capitalize on the value of the it.
In considering a potential sale, know that the selling process tends to come along with a lot of emotions, as the business is often near and dear to the heart of the family. When deciding to sell, it is a good idea to sit down with family members who are involved and make sure everyone is on the same page throughout all aspects of the sale.
Next, you need to organize internal company documents.
You should review internal financial records to ensure that they are in good order. Engage financial professionals to help you estimate the value of your business, as well as tax considerations.
You should gather relevant company documents - - your operating agreement (for a limited liability company), or bylaws and/or a shareholders’ agreement (for a corporation), resolutions/consents/minutes, and membership/stock ledger.
You should also be sure that you have non-disclosure agreements ready to be signed by any potential buyer prior to allowing them access to any proprietary information.
It will also help you to have a team of advisors to assist with all major decisions, including accountants, financial advisors and attorneys.
For more information about this article or other issues, please contact us, The Bachman Law Firm PLLC at firstname.lastname@example.org or 845-639-3210.