Dallas Texas Checklist - Sale of a Business

Name: Dallas Texas Checklist - Sale of a Business
Brand: US Legal Forms
Rating: 4.7 (319 reviews)

Category:

Small Business - Business Sale

State:

Multi-State

County:

Dallas

Control #:

US-04096BG

Format:

Instant download

Description

The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The buyer and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situations. Depending on the nature of the business sold, statutes and regulations concerning the issuance and transfer of permits, licenses, and/or franchises should be consulted. If a license or franchise is important to the business, the buyer generally would want to make the sales agreement contingent on such approval. Sometimes, the buyer will assume certain debts, liabilities, or obligations of the seller. In such a sale, it is vital that the buyer know exactly what debts he/she is assuming.

How to fill out Dallas Texas Checklist - Sale Of A Business?

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FAQ

Negotiate the terms of the sale with the buying party. Write a contract stating the price of the sale, the assets being transferred and any liability disclosures pertaining to the business.Have both parties sign the contract and obtain payment for the sale.

Legal Documents Needed to Sell a Business Non-Disclosure Confidentiality Agreement. Personal Financial Statement Form for Buyer to Complete. Offer-to-Purchase Agreement. Note of Seller Financing. Financial Statements for Current and Past Two to Three Years. Statement of Seller's Discretionary Earnings and Cash Flow.

The five key documents include profit and loss statements, balance sheets, cash-flow statements, tax returns and aging reports.

A business will likely sell for two to four times seller's discretionary earnings (SDE)range ?the majority selling within the 2 to 3 range. In essence, if the annual cash flow is $200,000, the selling price will likely be between $400,000 and $600,000.

Six most useful financial documents for small businesses Income statement. Cash flow statement. Balance sheet. Accounts receivable aging report. Business plan. Budget report.

6 STEPS TO SELLING YOUR BUSINESS STEP 1: GET A PROFESSIONAL VALUATION.STEP 2: ORGANIZE YOUR FINANCIALS.STEP 3: INCREASE YOUR SALES.STEP 4: TIME YOUR EXIT.STEP 5: FIND A THIRD PARTY BUSINESS BROKER.STEP 6: QUALIFY POTENTIAL BUYERS.

Compile the following documents in preparation for your business sale: Profit & loss statements for the current and past 2-3 years. Current balance sheet. Cash flow statement. Business tax returns for the past 2-3 years. Copy of the current lease. Insurance policies. Non-disclosure/confidentiality agreement.

How to Sell a Small Business in 7 Steps Determine the value of your company.Clean up your small business financials.Prepare your exit strategy in advance.Boost your sales.Find a business broker.Pre-qualify your buyers.Get business contracts in order.

You need to provide all sellers with comprehensive and organized financial documentation. If your business does not have books or records, you must create them before any sale can occur. The only way to create an accurate assessment of your business is to prepare two to three years of business records.

How to sell your business Step 1: Preparations.Step 2: Create a Confidential Information Memorandum.Step 3: List your business.Step 4: Get a NDA if listing confidentially.Step 5: Send CIM and P&L's to potential buyers.Step 6: Meet with potential buyer.Step 7: Provide any additional information or receive offer.

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Solid market research is more than positive feedback from your friends and family. What information will you need to complete the Dallas business license process?Sales Information (Where do your sales come from? What is the percentage? Step 1. Prepare for Closing Day ; Confirm insurance requirements detailed in the purchase and sale agreement. Everyone knows that moving can be a real pain in the neck. Copy of homeowners insurance declarations page. In addition, the complete demolition and relocation of buildings also require permits. It's easy to start selling cottage foods!

Dallas Texas Checklist - Sale of a Business

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How do I sell my LLC in Texas?

What financial documents are needed to sell a business?

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What are the 6 financial documents?

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What are the steps to sell a business?

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How do I sell my business in Texas?

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Should I keep the sale confidential?

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