In order to expedite the business sale, get the best price, and deal for the sale, it is crucial that you get the right sort of professionals involved. By having the right set of professionals working for you, you can ensure a smooth business sale.
One of the most important professional services, which you will need for a business sale is hiring an accountant. You will not only need to ensure that the business financial statements are in the proper order but also be able to handle different questions pertaining to finance as posed by the buyer. Your accountant can easily help you with all these aspects.
Issues assisted by accountant
If you are hiring the services of an accountant, you would be pleasantly surprised to know the many services they would assist you about:
- Financial history: One of the most important pieces of information pertaining to your business is the financial health of the company. This is a question, which will be asked by any prospective buyer. The potential buyer will surely want to peruse all the previous financial statements pertaining to your company. Your accountant can peruse these statements and ensure they are in their proper order to make it fit for perusal by the buyer. Your buyer will typically want to browse various financial documents such as tax remittances, bank statements, tax returns of the corporate sector, government filings, invoice copies, backup information about company finances as well as purchase orders. Your accountant can help collate all of the necessary documents, rectify any disparities and help you with several other financial aspects.
- Tax issues: When you are selling the business, several tax implications are bound to arise. Your accountant can help you with various issues such as if tax implications about capital gains are applicable or not as well as if there is tax savings in case there is a loss after the business sale.
- IRS regulations: The IRS has its own set of stringent regulations and procedures. You may not be aware of these procedures so having a qualified accountant help you out, is in your best interests. Tax codes have their own intricacies and only an accountant can help demystify the codes.
- Valuation aspects: Setting an appropriate price on the business for sale is a crucial step. If you want to get the best price for your business and a fair deal in the process, you need the services of a qualified accountant. The accountant can help you set the best possible price by performing evaluation of the company’s worth.
The process of selling a business contains many legal procedures. You need to ensure that the contract between you and the buyer is proper and that there is no room for loopholes. Only a qualified lawyer can assist you with these aspects. Various documents such as the purchase agreement, vendor financing, leases, employee information and terms of the contract can be negotiated and established by a professional lawyer.
Business broker services
Leveraging the services of a business broker can help tremendously in getting access to genuine and interested buyers. These brokers have a wide reach across different market segments and can help you find the kind of buyer you are looking for.