Preparing to Close
As we move nearer to closing, there are licensing, insurance and lease issues to clear. In addition to occupational licenses, there may be special licenses or certifications necessary to operate a business. I assist with paperwork, licensing boards and educational requirements that may be necessary. Insurances that the buyer must obtain are also required, including business insurance and other types of coverage. Leases may be assigned or new leases negotiated with the landlord prior to closing. Typically, the buyer must personally guarantee performance of a new lease and a separate credit check is usually required. These final details often take several weeks to complete.
Closing the Deal
An attorney will usually close the transaction and act as closing agent. In certain instances where a loan is necessary, the attorney may work directly with the lender. When seller financing is involved, an attorney will draw up the note, security agreement and closing documents. Check with your counsel for advice on closing the transaction, tax implications, allocation of assets, non-compete agreements and other important personal considerations.
Adviser One offers you a turnkey approach to selling your business. From the initial meeting to closing a successful deal, I offer you expertise, guidance and advice. I am available when you need me, and provide weekly feedback so you always know the status of your transaction. From start to finish, Adviser One gives you the professional support and guidance you need for a successful and satisfying business sale transaction.
Next Step: Financing