A Simplified Checklist When Selling A Business & Closing A Deal
Prorate rent, utilities, inventory to time of closing.
Review Seller's Business Documents: i.e. tax releases, corporate filings
Promissory Note Documentation: applicable if Seller will carry financing
Security Agreement: applicable if buyer is obtaining outside financing
UCC Financing Statement: applicable if buyer is obtaining outside financing
Lease Assumption or Renegotiation
Vehicle Transfer Documents: applicable if the purchase includes vehicles
Bill of Sale: will transfer the ownership of the other tangible business assets not specifically transferred on their own.
Patents, Trademarks, & Copyrights (if applicable)
Franchise Documents (if applicable)
Closing or Settlement Sheet: lists all financial aspects of transaction
Non-Compete Covenant (if applicable)
Consultation Agreement: if seller has agreed to assist the new owner for a period of time
Asset Acquisition Statement: IRS Form 8594
This valuation tip was provided by:
Rose Stabler at Certified Business Brokers of Houston, Texas.
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