If you are getting ready for the closing meeting, congratulations! You beat the odds. You are among the few business owners who manage to sell their businesses. As you may have already experienced, it is never an easy task to sell my business Winter Gardens. There is a lot that has to be done a lot of which involves making compromises. But now that you have finally found the right buyer and are working on the final touches, let’s take a look at what to expect.
As you get ready for the closing meeting, it is good to be aware of the people that will be present. The last thing you want as you sell my business Winter Gardens is being amazed by the huge number of people that will be present. The closing meeting is usually attended by:
- The business owner or owners
- The buyer or buyers
- Any third party loan guarantors (loan guarantors can be absent if they already signed personal guarantees or if they provided powers of an attorney)
- The attorney of the business owner and the attorney of the buyer
- If you are using escrow, an escrow agent will be present
- Your business broker
Additional people may be present. This is more so if their signatures will be required. Your business broker in San Diego will advise you in advance on what to expect during the meeting.
What is the closing meeting about?
The primary objective of the closing meeting is to review and sign the necessary documents. Once everything is confirmed to be in order and the documents are signed, the sale is closed. Here are the primary documents that you will be required to provide as the seller:
- Lease transfers
- Sale agreement
- Bill of sale
- Vehicle transfers
- Corporate documents
- Government and tax forms
- Succession agreements
- List of furniture and equipment
- Insurance requirements
- Contracts and agreements
- Accounts payable and accounts receivable
- Transfer of work in progress
- Any exceptions to warranties and representations
- Transfer of trademarks, patents and any other intellectual property
- Articles of amendment to change in business name
- Seller’s employee, consulting, and/or non-competition agreements
- Closing and settlement sheets
- IRS form 8594 and asset acquisition statement
When all the documents are in order and all the transfers are done, the business will be passed to the new owner. However, before you can move on to your next venture after you sell my business Winter Gardens, there are a couple of things you will have to do. Your business broker and attorney will help you close the loop on the required actions.