Selling a business can be an exciting and extremely stressful time for a small business owner. Most people are unprepared or lack the knowledge to help make a seamless transition from business owner to retiree, but with the number of small businesses that were sold in 2013 jumping up by 41.7 percent in the third quarter alone, it is important to arm yourself with the knowledge and information to help you make the leap.
Are you considering selling your small business in Arizona?
If you are thinking about selling your small business in AZ, it would be wise to consider the three factors described below.
How much is your company worth?
It is important to assess the value of your company and how much personal interest you have in it. For example, if you are the sole owner, you will need to work with your account to assure all your debts are paid off. If your debts are not paid off, your account should help you arrange a repayment plan.
If you are in a partnership, it is important that you determine that all assets are divided equally amongst you and your partner.
Organize Your Business Documents
Organize all information regarding your business. When a buyer purchases a company, they are going to want to have easy access to the company’s fixed assets, credit reports, tax returns, and any documents relating to the formation of the business, like company bylaws or Articles of Incorporation.
Register all the intellectual property associated with your company. Registering intellectual property gives you the exclusive right to that property and can be a strong leveraging method when selling your business and ultimately a good way to make some extra cash.
Call JacksonWhite’s Small Business Law Team at (480) 464-1111 to discuss your case today.