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Donna Genie walks through what buyers need before you sell. Gather three years of tax returns and financials, decide your asking price, and use an NDA with a deposit to protect yourself.
Donna Genie walks through what buyers need before you sell. Gather three years of tax returns and financials, decide your asking price, and use an NDA with a deposit to protect yourself.
If you're thinking of selling your business, now is the time to prepare. You will guaranteed need three different items ready to go. First, your last three years of business tax returns. If you file as a Schedule C as a sole proprietor, you'll also need your personal tax returns for the past three years. Next, you'll need financial statements financial statements from the past three full years. And third, you'll need your financial statements from the current year to date. So it's important that that information is structured properly and professionally prepared or it looks like it should. Look, you don't want to scare off a potential buyer because they feel like you don't have good records. Next up, you'll need to decide on a value for your business. You want to qualify potential buyers and this is why many people use brokers. You'll want to make sure you have an NDA. An NDA stands for a non Disclosure Agreement. The NDA will generally require that that person put down a deposit, may or may not be refundable depending on the terms you agree in and that they are not going to take the information they learn about your business and give it to your competition or anyone else.
