Selling Your Small Business: Get the Docs You Need!
You're thinking about selling your business? That's awesome! It's a big step, but with the right documents in hand, you'll be ready to rock and roll. Let's dive into what you need:
Non-Disclosure Agreement (NDA): Keepin' secrets, huh? An NDA makes sure that everyone involved keeps their lips sealed about your business's juicy details.
Memo of Understanding (MOU): This is like dipping your toes in the water. It lays out the basic terms of the sale, so you and the buyer can start chatting about the nitty-gritty details.
Bill of Sale: Think of this as your receipt for selling your stuff. It lists out all the assets you're handing over and what they're worth.
Employment Agreements: If your team's coming along for the ride, you'll want to spell out the details of their new gig. You may need one too for the new owners of your business if you’re going to be an employee.
Lease Agreement or Real Estate Purchase Agreement: If your business has a home base, you'll need to sort out who's taking over the lease or property.
Non-Compete Agreement: Promise not to steal the buyer's thunder by starting a competing business down the road. It's all about playing fair. Sometimes this is included in the Purchase/Sale Agreement.
Purchase/Sale Agreement or Asset Purchase Agreement: This is the big kahuna. It spells out everything about the sale, from how much you're getting paid to who's getting what and when.
Selling your business is a big deal, so don't be afraid to ask for help. Talk to legal and financial pros to make sure you're covering all your bases.
So, there you have it! Armed with a positive mindset, right documents, and a flexible attitude, you're ready to take on the exciting adventure of selling your small business.
Rather than go it alone, why not recruit a trusted coach like me to your team who’s been there and got the tee shirt? I successfully sold my business in 2022 after 20+ years building and growing a financial advisor practice. Schedule a complimentary Zoom call and we’ll chat about your goals, your current situation, and the challenges you face to sell your business effectively and profitably.