The decision to sell manufacturing business is a big one. That is why you must never rush things. All your decisions have to be calculated. It is for this reason that you need an experienced business broker to guide you through the sale. At So-Cal Business Brokers we work with the most experienced and dependable team in the business. We have been selling manufacturing businesses for more than 20 years now and we will be happy to be by your side throughout the sale. The first thing we recommend you do is understand the basic things you have to do before selling.
Gather business records
The first thing you will need to do before you sell manufacturing business is obviously to gather all your business records. Start with the tax and other official records that pertain to your business. You need to gather records going back at least three years. Doing so will make work easier for your accountants and us as we get your business ready for sale. The more detailed the information you provide to us the better the advice we will give you more so when it relates to decisions on whether to move forward with the sale or not. You also need to provide us with your business’ profit and loss statements, tax returns as well as other relevant documents we request such as leases, outstanding loans and so on.
In most cases, when you want to sell your manufacturing business you will have to leave partnerships. This means buying out your partners and finalizing all documentations with them. Our team can guide you as you handle negotiations with your partners. We will also let you know which are the fair offsetting costs against the partner’s tax bills as well as the fair offsetting losses against partnership’s tax bill.
Just because you have made up your mind to sell manufacturing business does not mean you stop paying taxes. It takes time to close the deal. You will have to keep running your business as usual until you transfer ownership. This means if your business is liable for corporation tax you will still have to file the Company Tax Returns and pay Corporation Tax throughout the sale process. The last thing you want is for the sale to be interrupted by tax compliance issues. We will provide the support you need when it comes to taxes.
Responsibility to employees
As much as keeping the sale a secret is important, you will need to meet your responsibilities to employees when closing. You have to tackle issues like making redundancies, payroll issues, pensions schemes and so on.
A lot goes into the sale of a manufacturing business. The good news is we have been selling manufacturing businesses for close to three decades now. Our team will ensure you get the best results as you sell. Contact us now to take advantage of our free consultation.