Entrepreneurs spend untold amounts of blood, sweat, and tears to build profitable businesses. Many, though, will eventually reach a point when they’re ready to cash out and move on. When that day comes, the last thing a business owner needs is to run into an issue that kills the deal and causes the potential buyer to walk away.
Over the course of my 40-year legal career, I’ve helped more than 1,000 buyers and sellers buy and sell small businesses mostly ranging in size from less than $1 million to $10 million. I know what can kill a deal and what buyers want to see.
Here are the top six tasks every business owner should tackle now to prevent a future sale from going off the rails.