His, Hers and Ours: How Surviving Spouses are Often Left in the Cold

Why You Need a Will

Attorney Chris Carns explains the importance of having a Will.

Tuesday Tips: Why parents must have a minor medical authorization and college-aged child Powers of Attorney

Have a kid that is traveling with friends or other family members? What about a kid in college? Why you need Powers of Attorney.

Tuesday Tips: What a Trust Really Does

Preparing for and Maximizing the Sale of Your Business

While during a business’ inception a sale is rarely considered, we find that due to health, burn out, or unexpected success, a business owner’s road often ends with the sale of his/her company.

Shaking hands

Businesses are built on the passion and hard work of their founder(s), and a sale should be handled sensitively. The following are some critical steps that business owners should take in order to prepare for and maximize the price of their business:

  1. Maintain accurate, detailed, and certified financial reporting that can be presented to a potential purchaser.
  2. Recast the financial statements of the company to show the actual profit potential of the business (do not cast them to minimize taxes, as is most commonly done).
  3. Review and solidify the company’s organizational documents, employment agreements, executive agreements and agreements with key vendors and customers.
  4. Develop the skills and relationships of the company’s management team with suppliers and customers to avoid the goodwill of the company being tied solely to the owner.
  5. Carefully hire a team of skilled professionals to advise on tax, liability and other issues that arise during the sales process.

Are you or is someone you know looking to sell a business? Make an appointment with us and we will assist and counsel you through the preparation and ultimate sale of your business.