Introducing Buying & Selling a Small Business, a new resource from VtSBDC that provides you with a Step-By-Step Guidebook to help both buyers and sellers navigate the process.
Both buyer and seller should seek additional guidance from a business advisor. The sale of a business requires time, research and careful planning.
Buyers must do their homework
The process has many phases: searching for an appropriate business, analyzing business and financial data, developing a viable offer and then doing all it takes to close on the sale. Then, the real work begins. It takes experience and expertise to make a smooth transition to new ownership, without the business “skipping a beat.” Once the sale is finalized, the current owner may not be around to answer questions.
Sellers have work to do too!
Years before they put their business on the market, sellers should perform an evaluation. This allows time to groom the business, making it more attractive to potential buyers. This is also a crucial period that should be used to track and gather several years of business and financial information. Buyers will want to see complete financial data — and sellers should have it ready to present to them.
We hope you find this digital version of Buying & Selling useful. If you would like a hard copy, please complete the contact form at https://www.vtsbdc.org/contact/ and we will mail a booklet to you.
Looking for more? Check out our resources page or reach out to your regional advisor!
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