The Ten Commandments of Selling Your Business

Bruce Swabb, CPA

  1. Thou Shalt summon the discipline to report all cash receipts to preserve the power and the glory of your business.
  2. Thou Shalt begin to prepare at least twelve months in advance before placing your business on the market.
  3. Thou Shalt clean the closets of thy books and records to root out all vermin, omissions of debt and misplaced entries.
  4. Thou Shalt not attempt to tread this path without professional guidance. 
  5. Thou Shalt not demand an exorbitant price beyond the heavens.
  6. Thou Shalt not hurl objects at your business broker when he attempts to speak the truth.
  7. Thou Shalt faithfully file all income and sales tax returns and avoid lurking tax liabilities.
  8. Thou Shalt maintain financial reports that give a clear reflection of your business activities and history.
  9. Thou Shalt maintain angelic patience and speak kindly to all who have shown the slightest glimmer of interest in your business.
  10. Thou Shalt not change your mind and decide not to sell after receiving a reasonable offer.

Follow this hard earned wisdom and your path will be harmonious.