As you sell my business Valley Center, the final step is the transitioning of ownership. At this time, the deal is usually closed and the purchase and sale agreement have already been signed. Money has also been passed from the buyer to the seller. As you get ready to close the loop, here are the final actions you will need to take.
What you have to transfer
Before you can say good-bye and disappear into the sunset, there are a couple of things you will need to turn over to the new owner. These things are crucial to the daily operations of the business. They include the following:
- Alarm codes
- Client list
- Vendor, supplier and distributor lists
- Personal contact information
- Computer and software passwords and access codes
- Â Combinations for the safe
- Keys to the vehicles, file cabinets and building
- Operating manuals for equipment
After you sell my business Valley Center, the list may be longer or shorter. It all depends on what was included in the sale. Your business broker will be able to compile a complete list of all the items that will be required.
Do you dissolve the business?
Is your business structured as an LLC or corporation? If so, it will have to be dissolved. When dissolving the business, you will have to do the following:
- Met with the board members/partners and pass a resolution to have the business dissolved
- Notify the IRS
- File articles of dissolution
Additional steps when closing or transferring business
While the input of a business broker in San Diego is invaluable when selling your business, you will still need the help of a transaction attorney. Your business broker may have such an attorney under their employ or they may recommend one. Here are some of the steps a business broker and an attorney will take you through:
- Notify creditors how pending bills will be paid
- Notify contacts for contracts that are assumed or assigned to the buyer
- Give a cancellation notice for your lease
- Cancel business licenses or permits and other registrations
- Close the business’ line of credit
- Close the employer ID number with IRS
- Pay the final wages to employees including payroll taxes and fees
- File the necessary tax forms using the ‘Closing of Business Checklist’ form
- Cancel insurance policies that are not assumed by the new business owner
- Pay bills and collect accounts receivable that are not assumed by the new owner
- Distribute the unsold business assets
As you may have seen, there is a lot that goes on in the sale of a business. To come out on top, you should consider working with an experienced business broker as you sell my business Valley Center. The broker will guarantee that the process is streamlined from start to finish.