So you have decided to sell your business in Euless, TX. How has it been so far? What made you decide that you should sell your business? And how can you ensure everything ends well and smoothly? Avail the services offered by Kirksey Business Brokers, a reputed name in Euless, TX. We’ll help you traverse through the process, perform necessary business valuations, find potential buyers and make sure that you get the best deal ever.
Once the deal has been made, you have to take care of closing, which is one of the most important phases when you sell your business. Kirksey Business Brokers will prepare you for this phase, and make sure there are no unexpected surprises at the end. We are also sharing a checklist with you in this article, which will be followed when it is time for you to schedule closing.
Step 1 – Preparing for the day of closing
Prior to closing, a number of tasks have to be taken care of, which have been outlined in this section. We’ll work with your accountant and attorney to get this done, review all necessary documents and get agreement from all involved towards the end, which ultimately will lead to smooth closing of the deal.
- We’ll schedule closing with the party to whom you have decided to sell your business. Though this can be done during any business hours, we prefer to do it in the first half so that we can reach out to relevant offices and banks in Euless, TX. We’ll also try to schedule this on the last duty of the pay period or month so that expenses, which have to be transferred when you sell your business, are easily prorated.
- We will finalize the selling price after negotiating. The final amounts for prorated rent, inventory value, accounts payable and receivable will also be decided.
- If you operated your business as cooperation, we’ll prepare relevant documents and collaborate with your attorney to pass a resolution to authorize the sale. Along with this, we’ll also prepare tax forms and transfer documents required for vehicle/intellectual property.
- Confirm insurance terms in the agreement.
- We’ll prepare a list for your furniture and equipment, and also mention which of these are under lease. If any assets have not been included in sale, they will be listed down.
- We’ll take steps for transferring contacts; approvals, leases and assemble titles may be required for this process.
- We’ll request you to transfer all the work which is in process.
- We’ll help you list down accounts payables and receivables.
- If loan facilities are being utilized, then necessary documents will be put in order. These include security agreements, promissory note and a financial statement which is filed with the state, Euless, TX. Security agreements contain guarantee from buyers, buyer’s spouse and other third parties.
- Building lease has to be transferred. For this, we’ll collect copies of lease, lease amendments, lease assignment and other acceptance documents.
- We’ll help you put all personal agreements in order, including consulting and management terms. If there are any exceptions to warranties, we’ll ask you to list them down.
- Succession terms for various employee benefits such as flexible spending and profit sharing have to be prepared.
- Lastly, we’ll prepare the bill of sale.
- The final settlement sheet, which mentions the final purchase price and all adjustments made to it, is either prepared by your attorney or escrow agent, depending on where the sale closes. If anything has to be credited or paid by the buyer or seller, it should be mentioned.
Step 2 – Scheduling the closing
If sale is to be finalized in an escrow office
- Instructions that were given at the time of establishing the escrow account will be followed.
- The escrow officer then confirms that all obligations that were listed down in the purchase intent have been dealt with.
- Closing documents are signed by both you and the buyer.
- Funds are transferred.
If the sale is to be finalized in an attorney’s office
- We will review the agreement with your attorney, and so will the buying party.
- Outstanding obligations have to be addressed.
- Documents are signed and funds are transferred.
Step 3 – Preparing the sale agreement
At this phase, Kirksey Business Brokers will provide a sale agreement form, which can be obtained from legal offices. If required, we and the attorney will draw up the agreement and then go through to it to ensure that we have covered all obligations required by state, Euless, TX. We’ll then ask you to sign it.
Step 4 – Finalizing the deal
When a business sale closes in Euless, TX, all business owners can attend along with their spouses. The buying party is also present along with their spouses. If any lenders are involved, they are also there if they have not signed any guarantees or provided powers to a representative attorney. Anyone else who has to sign the sale documents is also present.
The following have to be reviewed and agreed upon.
- Final adjustments to the selling price which takes into account prorated expenses and closing inventory valuations; usually this is done 15 days before a business is sold in Euless, TX.
- Go through the final sale agreement and sign it.
- Sign loan documents, lease transfer documents, vehicle ownership documents, succession documents, bill of sale, employment and non-competition agreement and other paperwork required when you sell a business in Euless, TX. If there are any patents, copyrights or trademarks, their transfer forms all have to be signed.
- Review final settlement sheet that mentions all financial aspects.
You receive payment according to the decided terms.
Congratulations! At this stage, you would have officially sold your business in Euless, TX. But, bear one thing in mind; you may still have to be involved. Some legal actions may have to be taken for formal transfers and transition to the new owners of the business in Euless, TX.