The following represents a board checklist of information that you will need in selling a business. Please consult an advisor for developing this list and obtaining al the information.

1. Personal/Business qualifications to sell and expectation of decision.
2. Be absolutely certain you are ready to sell and committed to the process
3. Engage your team of professional advisors.
   • Business Broker
   • Accountant
   • Attorney
4. Gather information about the business.
   • Three years’ profit and loss statements
   • Federal Income Tax Returns for the business
   • List of furniture, fixtures and equipment
   • The property lease and lease-related documents
   • A list of the loans against the business, with amounts and payments schedule
   • Copies of any equipment leases
   • An approximate amount of the inventory on hand, if applicable
   • A copy of the franchise agreement, if applicable
   • The names of any outside advisors
5. Evaluate your business and establish a selling price
   • Review pricing rules of thumb for your type of business
   • Research For-Sale comps for similar businesses
   • Research recent sales of businesses similar to yours
   • Consider a Professional Business Appraisal
6. Prepare your business for sale
   • Clean up your facility
   • Repair and service all equipment
   • Catch up on all deferred maintenance
   • Straighten out your books and records
7. Prepare a detailed Selling Memorandum for the business, including:
   • Business Summary
   • Financials
   • Asset List
   • Pictures
8. Identify the universe of potential buyers
   
   • Financial Buyers
   • Strategic Buyers
   • Industry Buyers
9. Market the business
   • Newspapers/Magazine Ads
   • Web Site Listings
   • Targeted Mailings
10. Qualify prospective buyers
    • Buyer Profile Report
    • Buyer Resume
11. Buyer personal financial statement
    • Receive offers from interested buyers
    • Execute a Letter of Intent with the proposed buyer
    • Sign a Purchase Agreement and complete other documentation for the sale
    • Assist the buyer with due diligence
    • Satisfy all the conditions to the closing
    • Close the sale

* Contributions to this page was provided by:
Robert J. Bohacik, CBI Owner/Broker
Arizona Sunbelt Business Advisors
520-577-1212