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What documents do you need to sell your small business?

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Selling your small business can be a complex and time-consuming process. You need to prepare your business for sale, find a buyer, negotiate the terms, and close the deal. But before you can do any of that, you need to gather and organize the documents that will prove the value and viability of your business. These documents will also help you avoid legal issues and disputes with the buyer. Here are some of the most important documents you need to sell your small business.

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Mario T.

Corporate Sales Specialist

1 Financial statements

Your financial statements are the backbone of your business valuation. They show how profitable and stable your business is, and how it performs compared to industry standards. You should have at least three years of income statements, balance sheets, cash flow statements, and tax returns ready for the buyer to review. You should also have a list of your assets and liabilities, such as inventory, equipment, accounts receivable, accounts payable, loans, leases, and contracts.

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Mario T.

Corporate Sales Specialist
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Selling a small business involves several legal and financial considerations. While the exact requirements can vary based on your location, the type of business, and other factors, here are some common documents and steps that are typically involved in the process of selling a small business: 1. Confidentiality Agreement (Non-Disclosure Agreement, NDA. 2. Letter of Intent (LOI. 3. Due Diligence Checklist. 4. Financial Documents. 5. Inventory and Asset List. 6. Lease and Real Estate Documents. 7. Contracts and Agreements. 8. Employee Information. 9. Legal Documents. 10. Purchase Agreement. 11. Escrow Agreement. 12. Non-Compete Agreement. 13. Transfer of Ownership Documents. 14. Tax Documents. It's also recommended to have CPA advice.

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2 Business plan

Your business plan is a document that outlines your vision, goals, strategies, and operations of your business. It shows how you have grown your business, what challenges you have faced, and what opportunities you have for the future. It also helps the buyer understand your target market, competitive advantage, and marketing plan. A well-written business plan can increase the buyer's confidence and interest in your business.

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3 Legal documents

Your legal documents are the ones that establish your ownership, compliance, and protection of your business. They include your articles of incorporation or organization, bylaws or operating agreement, licenses and permits, trademarks and patents, insurance policies, and employee agreements. You should also have a non-disclosure agreement (NDA) ready for the buyer to sign before you share any confidential information about your business.

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Carolyn Dove

Founding Attorney and CPA at The Dove Firm PLLC
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While some of these documents may be public, such as the formation documents filed with your Secretary of State, you may also have partnership agreements or operating agreements which are not readily available to the public. You will be sharing all of these with your prospective buyer, which is why the NDA is a critical document in the selling process.

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4 Customer and supplier information

Your customer and supplier information are the ones that demonstrate your relationship and reputation with your key stakeholders. They include your customer list, contracts, invoices, and testimonials, as well as your supplier list, contracts, orders, and receipts. You should also have a summary of your sales and revenue by customer and product or service, and your cost and expenses by supplier and category.

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5 Transition plan

Your transition plan is a document that outlines how you will transfer the ownership and management of your business to the buyer. It covers the roles and responsibilities of both parties, the timeline and milestones of the transition, the training and support you will provide, and the contingency plans for any potential issues. A clear and detailed transition plan can ease the buyer's concerns and ensure a smooth handover.

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6 Sale agreement

Your sale agreement is the final and most important document you need to sell your small business. It is a legal contract that specifies the terms and conditions of the sale, such as the price, payment method, closing date, warranties, representations, indemnities, and dispute resolution. You should consult a lawyer and an accountant to draft and review the sale agreement, and make sure it reflects your best interests and expectations.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Jeff Trapp

I help small business owners', real estate professionals, and high-income earners cut their tax bill from $10,000-$400,000+ a year.
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Prepare ahead of time for any business acquisitions or mergers. Ensure your financial statements, including balance sheets, income statements, and cash flow statements, are accurate and up to date. Buyers will scrutinize these documents to assess the financial health of your business. It is also important to consider the tax implications of the sale. Consult with a tax professional to understand the tax consequences of selling your business and explore strategies to minimize tax liabilities, such as utilizing capital gains tax rates. We help our clients with proactive planning during the initial decision making.

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What documents do you need to sell your small business?

1

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7

1 Financial statements

2 Business plan

3 Legal documents

4 Customer and supplier information

5 Transition plan

6 Sale agreement

7 Here’s what else to consider

Small Business

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What documents do you need to sell your small business?

1

2

3

4

5

6

7

1 Financial statements

2 Business plan

3 Legal documents

4 Customer and supplier information

5 Transition plan

6 Sale agreement

7 Here’s what else to consider

Small Business

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