Running a family business may have been the way that many Florida residents made their income for years. However, if the time has come for the head of the business to retire and none of the other family members want to continue on in the business, selling it may be the best option, especially if it has been a successful and lucrative business over the years. Of course, selling a business is no easy task.
Though the decision to sell may seem like the end of an era, it does not mean that the work has come to a close. Business owners still have a lot to handle if they want to successfully sell and transition their business to a new owner. One of the most important first steps to take in this endeavor is to estimate the value of the business. This can be done by determining the company’s assets then subtracting any outstanding debt liabilities. This estimate can help put an asking price on the company before approaching buyers.
It may also be worthwhile to consider the value of other business-related assets for liquidation if they could bring important funds to the current owners. Creating an inventory is a valuable way to determine what to liquidate. That inventory could include the following information:
- photographs of the assets
- applicable serial numbers
- descriptions of the items
- value estimates for the items
Of course, liquidating assets may not be necessary if the buyer is willing to include those assets in the price of purchasing the business outright. All of these details are worth considering when selling a business. Because each transaction is different, it is important to understand how the specifics of a particular Florida business could affect this endeavor as well as the legal implications involved.