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Business Seller’s Checklist

Preparing Your Business for a Successful Sale

Presented by Liberty Business Advisors, LLC

Selling your business is a major decision—one that deserves thoughtful preparation. Whether you're planning to sell in a few months or a few years, this checklist outlines the key steps to boost your business's value and appeal to buyers. With expert guidance every step of the way, you'll be positioned for a smooth, profitable transition.

  • Financial Preparation:
  • Keep financial statements accurate and current (3+ years preferred).
  • Separate personal from business expenses.
  • Identify discretionary expenses or “add-backs.”
  • Reconcile all bank and credit accounts.
  • Clean up your chart of accounts and ensure tax returns match financials.
  • Legal & Contractual Readiness
  • Ensure all licenses and permits are valid.
  • Review contracts with customers, vendors, and staff.
  • Check lease agreements or property documents.
  • Resolve any pending legal matters.
  • Operational Documentation:
  • Document key SOPs and job roles.
  • Update your employee handbook.
  • Maintain a list of key vendors, customers, and contacts
  • Management & Staff:
  • Reduce dependency on owner-led operations.
  • Cross-train essential employees.
  • Consider retention plans for key staff post-sale.
  • Business Value Enhancement:
  • Strengthen your sales and marketing efforts.
  • Cut unprofitable products or services.
  • Improve margins by reducing unnecessary costs.
  • Consider investments that increase value (e.g., new tech or branding).
  • Exit & Transition Planning:
  • Define your goals post-sale.
  • Decide your role during the transition.
  • Consult with a CPA on tax strategies.
  • Choose between an asset or stock sale.
  • Physical & Digital Assets:
  • Inventory equipment and verify ownership.
  • Audit software licenses and digital assets.
  • Document intellectual property like trademarks and domains.
  • Let’s prepare your business for the best possible exit.

Contact John Litke