North Carolina business owners should plan ahead, possibly even years ahead, if they want to sell their companies. Furthermore, it may take up to a year to finalize a deal. They should ensure that everything related to intellectual property and financial records are in order. It is also necessary to get the business valued. An owner who is not happy with the valuation might look at ways to increase the value of the business. The owner should try to think like a buyer and remember that a buyer will be looking for something that will generate income.
Timing could be important as well. If the industry is consolidating, interest rates are low and lenders are competitive, it could be a good time to sell. A business owner should be aware of any tax implications and have a plan for dealing with them as well as a plan for dealing with the proceeds from the sale.
Certain problems should be disclosed during the process, such as owner disagreements, any issues with the finances or intellectual property, or contingent liabilities. It is best to wait until the business is ready to go on the market to inform employees. Finally, an owner should be prepared to stay on as a consultant for several months if needed.
An attorney may be helpful with the legal aspects of selling a business or may be able to assist a person who is interested in purchasing a business. This may include creating any relevant documents and ensuring that they do not contain errors, reviewing any legal issues that could affect the business or its sale, and dealing with some financial aspects.