Things To Consider When Selling Your Business

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October 3, 2019
Selling Your Business

If you’re thinking about selling your business then there are a lot of things to consider. For one, you need to make sure that you’re offering a fair price which both maximizes your profit and gives you a good chance of finding a buyer.

You also need to make sure that you’re covering all your bases in a legal sense. There are plenty of things to consider, and it’s always a good idea to engage the services of an experienced commercial lawyer.

In order to help you get your mind working, I’ve put together a quick list of things that you absolutely have to make sure that you’re thinking about when you’re selling a business. They include:

Make sure that you have a well written sale contract

It’s essential to make sure that you’re using a sales contract that is legally binding, otherwise you could run into all sorts of problems. It’s always a good idea to work with your local law team to put together a contract.

Some of the things that a business sales contract should contain include:

  • A price and a payment plan which outlines how you’re going to receive payment and when.
  • A clear outline of what’s included in the sale.
  • Any other conditions of sale, including things like non-disclosure agreements and similar.

As I’ve said, you should always get your sales contract checked by a qualified lawyer, otherwise you might run into problems.