What Financial Records Will I Need to Share to Sell my Business?
Selling a business is a big step for anyone, and it requires a large amount of financial information being passed between the seller and their broker. A high level of confidentiality must be kept in place during this process or it can jeopardize the success of a business's sale.
In the following blog intro video, Business Broker, Chris Cantwell outlines what happens to a seller's financial records once they are shared with Transworld and how we propagate confidentiality in our company's selling process. After watching our intro video we would like to invite you to visit our website (www.tworlddenver.com) to read the full blog post on this subject.
Video Transcript: Hi, Chris Cantwell here with Transworld Business Advisors of Denver. Today I will be discussing the types of records a seller will need to share with Transworld, so we can sell their business.
To start Transworld will require profit and loss statements as well as tax returns. These documents will outline the businesses revenue, earnings and deductions and will be used to calculate the business’s value. This information will also help us calculate the seller’s discretionary earnings.
Given the amount of information outlined in these documents, it has been my experience that sellers are often cautious about with whom they share their financial records with and for good reason! To stop this fear in its tracks, once a business is listed with us, any buyer that inquires about that business must sign a Non-Disclosure Agreement. A Non-Disclosure agreement must be signed by a buyer for each business they have an interest in, in order to receive any information on that business.
On top of signing this agreement, in the beginning inquiry stages, a broker will only disclose a financial recast of the business to a buyer. It is not until a buyer has been fully qualified, and much later in the purchase process, that the buyer will receive full financial information. I would like to emphasize that we value confidentiality above all at Transworld and it is a significant piece of every single business transaction we complete.
To learn more about records you will need to provide and the logistics of the business sale process, I invite you to read my full blog post!
For the full blog post please visit http://www.tworlddenver.com/what-fina....
Other Transworld Business Advisors of Denver Resources:
https://www.youtube.com/watch?v=mHIDF...
https://www.youtube.com/watch?v=EfM0b...
https://www.youtube.com/watch?v=C5qE_...
Transworld Business Advisors of Denver
3000 Lawrence Street, Suite 145
Denver, Colorado 80205
720-259-5099
www.tworlddenver.com
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What Financial Records Will I Need to Share to Sell my Business? ibba crai | |
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