Selling a Business
Introduction

Introduction

It's probably going to take you a lot of time and effort to sell your business. Anyone who makes an offer is going to demand a tremendous amount of information regarding the business. You are going to have to determine how much you want to divulge prior to the sale. And you are going to have to spend an extensive amount of time with prospective buyers explaining the ins and outs of your particular business.

Selling a business for a price you deem fair and equitable isn't a sure thing. Many people place their businesses on the market and then decide not to sell because they either don’t receive any offers or don’t receive any offers they consider to be acceptable. Throughout the selling process you should be prepared for the possibility that an appropriate buyer may not come forward.

Remember that it will continue to be necessary for you to devote enough energy, time, and other resources to maintaining the business in good shape. And don’t forget to carefully weigh the impact of announcing that the business is for sale to your employees, customers, vendors, bankers, and other people you do business with.

Selling a business also involves a lot of legal issues. You will need to consult an attorney before you prepare your prospectus which, typically, describes the business right up to the time the sale closes.