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List Of Documents When Preparing To Sell A Business In Edmonton

List Of Documents When Preparing To Sell A Business In Edmonton

You need to carefully plan the sale of your Edmonton business if you want it to be successful. The more effort you put into the preparation the better the sale will be. One important aspect of the preparation process is gathering all the relevant documents that will be needed by a prospective buyer. Here is a list of the paperwork that you will need to put together for the sale process:

  • Financial History: the buyer will use this information to understand the earning potential of the business. You will need to gather the most up to date information available on your company’s monetary performance. This process will take some time to be done properly. Therefore this should be one of the first steps taken.
  • Property information: you will need to prepare relevant information about the Edmonton property. This will include any lease information and property ownership details.
  • Customer information: if your business has a comprehensive customer list then this is a good addition to your list of documents. Business buyers are often impressed by the existence of a good client base and so providing this information will make your business look good.
  • Licenses: you will need to gather your legal paperwork in order to prove that the business is in good standing. The paperwork will also help in the proceedings as it will help to inform the purchase agreement contract and also ensure that the new buyer understands the terms and knows whether or not he needs to take any further actions.
  • Vendor details: you need to let the new buyer know about the vendors that he will have to do business with. You need to also provide your attorney with this information as they will use this to monitor any contractual obligations that must to be maintained with the vendors.
  • Insurance paperwork: this will be valuable information for the buyer to guide them in arranging the insurance policy once they take over the business.
  • Documents for the company’s vehicles: If your company has its own vehicles then you will likely be handing these over to the new seller and you need to have all the accompanying documents for them. You will need to have your lawyer arrange the transfer of the vehicles over to the new owner.
  • Equipment details: you may have equipment within the establishment that are rented or have an existing warranty. The new owner needs this information in order to continue with the rental obligations effectively and to know what steps to take in case anything happens to any of the devices.
  • Staff information: the staff typically continues working with the company under new ownership. In order for the new owner to effectively carry out administrative duties they will need the details for the employees that they will be leading.
  • Copyright information: you will have to pass along any intellectual property that the business has, that is if you will include it in the purchase. You will need to hand over the information for this to your lawyer so that any due process will be taken care of.

Once you have all these documents ready then you will be prepared to take on the next steps to selling your business. When these documents are prepared beforehand then it will make the process somewhat simpler for you and the prospective buyer. Once this is taken care of you can start advertising your business for sale in Edmonton using business magazines or business listing websites which are very popular in the business selling world today.

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