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The Pitfalls of Selling Your Business

When you have decided to sell your business, how should you begin? Recently a colleague of ours, Stella Su, published an interesting article on this subject. It examines sales transactions and helps business owners to prepare and avoid potential pitfalls.

Unlike in Stella’s article, some of you may have other shareholders to consider and in many cases these shareholders are family. Therefore, in addition to the great guidance Stella has provided, make sure that you have all of your shareholder and family governance issues covered before you start down this path as well.

Consider: Do you have your shareholders lined up to support a sale? Has the potential transaction been discussed with family members as well so that, hopefully, everyone is on board and not lining up against it because, for example, a sale will foreclose future opportunities for next generation family members in the business. Communication around all such issues is extremely important so that you can put your "best foot forward" in presenting your business for sale and, at the same time, you're preserving family harmony.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.