Business Overview - First item in a Seller’s Checklist (Part 2 0f 6)
In a previous Blog Post titled, ‘Checklist for Business Sellers (Part 1 of 6), a list of 6 categories provided for organizing the information and documentation which is important for an organized presentation of your business. In the current blog, the first category of the checklist i.e, ‘Business Overview’ is further categorized into key topic headings for organizing your data concerning the business.
Business Overview:
- Description of the business
- Personal profile/resume of the business owner/manager
- Reason for the desired sale of the business (try to allay any suspicion that you are trying to unload a business with hidden problems)
- The business products and/or services (include photographs, if appropriate)
- A description of the primary business markets
- A listing of the primary customers of the business
- A listing of the primary suppliers of the business
- Any major or primary customer testimonials
- Any significant items evidencing industry recognition (i.e., awards, reviews, favorable media attention or comments, citations, etc.)
- A schedule of key-employee personnel (including short personal biographies) with an organizational chart. Important note: A competent manager can be a very strong selling point. If your business is large enough to have an experienced manager, other than yourself, who can stay with the business, emphasize this individual’s talents and potential. Having highly experienced people on staff communicates to the buyer that the future success of the business isn’t dependent on you as the owner
- A schedule of owned and leased assets, including photographs if appropriate
- Provide the primary locations of the business
- Provide copies of contracts with employees and independent contractors
Quantum™ Business Solution Network will guide and assist you in compiling relevant information for your business and create a detailed profile or prospectus.
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