Planning to Sell Your Business to Key Employees? - Kiplinger in Las Vegas, NV

Published Aug 16, 22
6 min read

What to Know BEFORE You Sell Your Small Business in Las Vegas, NV

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Sometimes, the buyer may ask you to stay on for a transitional period or continue running the business for two to three years. The buyer may not be willing to move forward unless you have committed to working for them for a certain period. You should be prepared to accept a job offer if you want to remain.

A share purchase agreement (SPA) sets out the terms and conditions for the sale and/or purchasing of shares in a company. Knowing that your employer is being sold can cause anxiety. Therefore, only key employees must be informed about the transaction until you feel confident that it will close. Here is an article about key legal issues in selling a business.

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Every small business owner pours more than long hours into their company to make it succeed. There’s plenty of tears, sacrifices, and struggles to make a small business stand on its own two feet—all of which make the decision to sell all the more complicated. Selling a small business can be a complicated process, both emotionally and logistically.

If you’re wondering how to sell your small business, but don’t quite know where to begin, there are a few tried-and-true to-do list items to cross of your list early. Here’s what goes into selling a small business, and how you can prime yourself for a great deal, as well.

You’ll need to provide, on average, three years’ worth of tax returns and financial statements as part of your sale. Also, be ready to account for all company income during this period as well, as any missing money sends a red flag to prospective buyers. Don’t be surprised if you’re asked to provide year-to-date financials when selling your small business either: Owners want to know that they’re investing in a thriving company, rather than one in financial turmoil.

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When selling a small business, you can expect to price your company anywhere from three to six times your current cash flow. That’s a helpful place to start, but there’s a massive difference between the low and high ends of this range. Especially when you factor in other considerations, such as the market for similar sales and overall industry projections.

Even better, every small business owner should have a contingency plan in case they have to part with their company unexpectedly or be forced into a situation where selling is the best—if unexpected—option. Any time you’ve built your business to surpass your rivals in terms of financial strength, stature in the market, or long-term viability, you should have a plan in place for how you would sell, and how this decision might impact your personal finances.

The same is true if you try to go it alone and don’t enlist the help of a third party to keep your data safe. Any time you field an offer to buy your business, know who you’re dealing with and how serious they are about making the purchase - Sell My Ecommerce Business. Not every business competitor will have nefarious intentions, of course, but it’s important to know who you’re dealing with and whether the buyer’s aspirations seem in line with the offer they make.

5 Mistakes to Avoid When Selling Your Small Business in Las Vegas, NV

NDAs prevent buyers and sellers from using sensitive information to undermine one another, and forbid the transmission of information to other parties for as long as the NDA is in place. Consider enlisting the help of an attorney to serve as an arbitrator. Legal professionals often keep sensitive documents in their offices and only allow parties to view these materials on their premises.

And on the buyer’s side, brokers can often help prospective purchasers access the money needed to buy a small business. Granted, this help doesn’t always come cheap: Brokers charge anywhere from 5% to 10% of the total sale price, which means you’ll have to be okay with giving up a slice of the pie in exchange for the extra help.

Since you’re inching ever closer to the actual sale by this point, you’ll want to make sure you have a lawyer in your corner to help you draft and review your sales contract. You could, of course, draft your own sales contract, but this leaves you vulnerable to unforeseen issues that could have otherwise been avoided with the help of legal counsel.

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You may want to make sure that they’re competent and comfortable with contract law, as not all lawyers share the same specialties. If your lawyer is not a pro at contract law, consider asking for a reference for someone who focuses on this area. Paying to bring another lawyer into the fold won’t hurt half as much as paying for any unintended consequences that come from putting a less-than-stellar contract into effect with a buyer.

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News For Selling Your Business

Keeping emotions at bay won’t be easy in most cases, and it’s alright to struggle with the decision to sell. The most important thing is to keep emotions out of the practical decisions you have to make once you’ve committed to selling, and to make sure you’re putting your best interests at the forefront.

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