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The dos and don'ts of a business sale

Business owners in Denver, Colorado, know that running a business is not easy. On any given day, there are struggles and challenges that can make or break the business. For business owners who have started their businesses from scratch, the thought of selling the business to avoid further losses can be difficult. However, a business sale is sometimes the best solution to save a company from a complete downfall.

When a business owner decides to sell the business, it is important to hire experts who can guide the owner through the process. A certified public accountant can ensure that the payment rates, interest rates, tax issues and relevant paperwork are all correct. A mentor or someone with experience in business sales also can provide valuable insights as to how to properly proceed with the business sale.

Business owners should note that the sale of a business may take some time. Rushing to seal the deal may put the owner in an awkward position. To ensure a smooth transition, a business owner should prepare the company's financial statement, vendor agreements, HR documents, employee contracts and other valuable information to be handed over to the new owner. A business owner also should provide a detailed growth projection to the buyer.

The owner also should learn about the buyer. The owner may provide a tour of the company, which will allow the owner to learn how the buyer plans to run the business. Doing so will also give the buyer a sense of attachment to the business.

A business sale or an asset purchase transaction is complicated process that requires legal guidance. In Denver, a business owner may seek legal guidance to ensure that the process is handled accordingly.

Source: Daily Herald, "Navigating your company's sale: 5 tips for company acquisitions," Ryan Westwood, July 1, 2014

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