Commercial Business Sales Winter Gardens – What Happens After Selling a Business?

Commercial business sales Winter Gardens involve a lot of work. Getting the business ready for sale is not easy and so is marketing it and negotiating with potential buyers. That is why it is always a great idea to get help from someone that knows what they are doing.

A business broker in San Diego is the one who determines how fast and how much you sell your business for. That is why the most important thing you have to do is hire a business broker who has experience and a high success rate selling businesses that are similar to yours in both size and industry. The broker will guide you from start to finish. He will also advise on what to expect after the closing meeting.

If you have already gone through the steps involved in commercial business sales Winter Gardens and have even transferred ownership to the new owner, there are a couple more things you will have to do.

Turn Over All Items

The new owner will require all the items that were involved in the sale. It is only after turning all of these items over that the new owner will be able to assume business operations. The items you transfer will include the following:

Alarm codes
Client list
Safe combinations
Vendor, supplier and distributor lists
Computer, software, online access codes and passwords
Keys to vehicles, buildings and file cabinets
Operating manuals for various equipment
Personal contact information in case they need your help

Dissolve the business

The new owner may want to change the name of the business. For this to happen, you will have to provide articles of amendment to change the name of the business. If yours was a corporation or an LLC, you will also need to dissolve the business entity.

Meet the board members and pass a resolution to get the business dissolved
File form 966 to notify the IRS
File articles of dissolution

Forms and actions to cease operations

The last step is to complete the necessary forms and actions needed to cease operations of business entity. You will need to do the following:

Notify the contacts of assigned contracts or those assumed by the new owner
Notify the creditors to let them know how you will pay the bills
Cancel business licenses or permits
If the current lease is not transferrable, you need to give a cancellation notice
Pay off bills and collect all accounts receivable that will not be assumed by the buyer
Distribute the assets that were not included in the sale
Close the company’s line of credit
Close employer ID number with the IRS
Pay the final wages to the employees including payroll taxes and fees
File the tax forms using the ‘Closing a Business Checklist’ provided by the IRS

Commercial Business Sales Winter Gardens

What Client’s Say

We Couldn’t Be Happier

"When we thought about selling we had no idea what our business was worth or how to go about selling. What you were able to do was to cut through the fog so that we understood the valuation issue and had a comfort level with the process. As you know we ended up selling for somewhat more than the original valuation and we got all cash and our CPA loved the way our tax liability was minimized. We couldn’t be happier!"

Over $250,000 More

"Our first contact with you shocked us when you suggested that we wait 18 months before selling because you believed that if we hit our projections that the value would be significantly greater. As it turned out we not only followed your advice but also got slightly over $250,000 more than we originally had hoped for. It is seldom that we have had the opportunity to deal with a firm that doesn’t want both money and a commitment NOW. It was clear and obvious that you had our best interests at heart."

You Got the Valuation We Agreed On

"You did a great job on the sale of our business in really beating the bushes for buyers, including a UK company that was an active suitor. You managed to get the valuation that we had all agreed upon and got it substantially all in cash and got the transaction closed with little to no problems or expensive lawyers involved."

Thank You for Handling Our Business

"Our business was smaller than what your firm normally handles but it was a BIG part of our net worth and savings. Thank you for handling our business and we were very pleased and delighted with the results."

More Than Anticipated

"Our transaction was involved as we had different corporate entities located in different states. Our only regret is that we didn’t retain your services before 2012 when we paid $25,000 to a firm in Texas that did a valuation and market analysis for us before then failing to do anything in the way of trying to sell our business. You got it sold for more than anticipated."

Turn Over All Items

Dissolve the business

Forms and actions to cease operations

The Sales Process