Sell My Business Valley Center – Preparing for the Transfer of Ownership

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.

Sell My Business Valley Center

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."

What you have to transfer

Do you dissolve the business?

Additional steps when closing or transferring business

The Sales Process