With the new year coming, you might be thinking about the next steps in your business. If selling your business has crossed your mind, make sure you are prepared by avoiding these common mistakes.
7 Mistakes to Avoid Before Selling Your Business.
- Procrastination; waiting to sell until you are...
- "Burned out"
- Seriously ill or disabled
- Need Capital
- Unwilling to "give up" on diminishing asset or deteriorating business
2. Poor Contracts Library (lost files and unsigned contracts)
3. Little or No Intellectual Property or Trade Secrets Protection
- Nondisclosure Agreements - with employees and vendors
- Noncompetition Agreements
- Authorship Agreements ("Work for Hire")
- Copyright Protection
4. No Business Retention Strategies for...
- Key Employees
- Key Business Relationships
5. Poor Financial Records; inconsistent or late filings
6. "For Today" Tax Planning...
- Use of C Corporation
- Holding unrelated businesses in a single entity
7. Failure to continue to update/upgrade the business
If you would like to discuss preparing your business for sale or transition to next-generation owners, or to gain a general understanding of the sale process, please feel free to contact the office at (316) 684-2929 and ask for Michael Biggs, Tyler Paul, Ryan Rising, or Sean Durr.