7 Mistakes to Avoid Before Selling Your Business

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Articles by our Members
7 Mistakes to Avoid Before Selling Your Business
Article Tags: Legal
Posted by Michael Biggs
  1. Procrastination; waiting to sell until you are...
    "Burned out"
    Seriously ill or disabled
    Deceased
    Need Capital
    Unwilling to "give up" on diminishing asset or deteriorating business

  2. Poor Contracts Library (lost files and unsigned contracts)

  3. Little or No Intellectual Property or Trade Secrets Protection
    Nondisclosure Agreements - with employees and vendors
    Noncompetition Agreements
    Authorship Agreements ("Work for Hire")
    Copyright Protection

  4. No Business Retention Strategies for...
    Key Employees
    Key Business Relationships

  5. Poor Financial Records; inconsistent or late filings

  6. "For Today" Tax Planning... 
    Use of C Corporation
    Holding unrelated businesses in a single entity

  7. Failure to continue to update/upgrade the business

If you would like to discuss preparing your business for sale or transition to next-generation owners, or to gain a general understanding of the sale process, please feel free to contact the office at (316) 684-2929 and ask for Michael Biggs, Tyler Paul, Ryan Rising, or Sean Durr.

 

ABOUT BIGGS PAUL LLC
Biggs Paul LLC provides value-added legal services within the context of a number of a number of industries on a broad array of matters to entrepreneurs and privately-owned and growth-oriented business enterprises during all stages of their development.

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3500 N. Rock Rd., BLDG 1100
Wichita, KS 67226


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Article Tags: Legal
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