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