If you are selling a business there are numerous things you can do to prepare for a business deal. We have compiled a brief checklist in order to assist those selling a business. This is just a brief guideline only, and some of these items may not be applicable to your business transaction. If in doubt, consult your business broker, lawyer, accountant, wealth adviser or other professional.
- Request a Certificate of Good Standing and Corporate Tax Lien Waiver (if applicable).
- Have Accountant request a Certificate of Good Standing (Secretary of State’s Office).
- Sell off inventory at profit to reduce to an agreed amount.
- Remove all personal belongings.
- List accounts receivable, give a copy to the buyer.
- Check for return of all deposits (utilities, landlord, leased equipment, etc.).
- Prepare most recent, or highest recent cost, invoices for inventory count at closing
- Notate your calendar for receipt of annual insurance certificates and rent increase dates.
- Notify all vendors, suppliers, and contracts, etc. (Alarm, Trash, etc.) Introduce Buyer to all vendors, suppliers, and salespeople and help the buyer get credit applications from all suppliers.
- Notify utility companies to make final readings. Close your accounts as of the closing date. (Electric, gas, propane, alarm, trash, etc.)
- Arrange with the phone company to transfer telephone number to the buyer.
- Prepare for changing of keys and alarm codes.
- Change corporate address at Post Office.
- Change corporate address with Secretary of State.
- Have accountant file final payroll and debt returns for the corporation.
- File UCC financing statements at City/Town Hall, Statehouse, and Registry of Deeds (if applicable).
- File statement of abandonment of the use of fictitious (d/b/a) name with City/Town Clerk.
- Make arrangements for personal insurance to be paid by the business.
- Notify insurance carriers of change of ownership. Cancel insurance and arrange for rebate if you have pre-paid.
- When you work with George and Company, we will carefully guide you through the rigorous process of selling a business. Through our business valuation and consulting services, you can be assured that your business will sell to the best buyer who offers the best price.