{"id":4529,"date":"2016-04-04T10:47:33","date_gmt":"2016-04-04T15:47:33","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/business-lawyer-resources\/selling-your-business-documents-to-show-your-lawyer.html"},"modified":"2024-05-23T01:06:14","modified_gmt":"2024-05-23T06:06:14","slug":"selling-your-business-documents-to-show-your-lawyer","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/business-lawyer-resources\/selling-your-business-documents-to-show-your-lawyer.html","title":{"rendered":"Selling Your Business: Preparing for Your Lawyer"},"content":{"rendered":"\n
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Selling Your Business: Preparing for Your Lawyer<\/h1>\n
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\n By Amber Sheppard, Esq.<\/a> | Legally reviewed by Amber Sheppard, Esq.<\/a>\n | Last updated\n
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Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n <\/div>\n \n

\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

If you decide to sell your business, it’s a good idea to consult with an attorney about the sales process to make sure you are getting a good deal. You also need to follow all applicable laws and procedures.<\/p>\r\n

This article prepares you to meet with your small business lawyer to discuss purchase agreements and the sale of your business.<\/p>\r\n

When To Sell Your Business<\/h2>\r\n

A small business owner puts a lot of time and energy into their business. That can make it particularly difficult to decide to sell the business<\/a>.<\/p>\r\n

If possible, it’s best to sell when your business is profitable, has a positive future forecast, and the economy is doing well. It makes it easier to receive your asking price from potential buyers. But waiting on those near-perfect conditions may lead you to hold on to your business for longer than you want.<\/p>\r\n

Reasons You May Sell Your Small Business<\/h2>\r\n

Sometimes, you may need to sell your business due to personal reasons. Perhaps you or a family member are sick. Maybe you owe back taxes to the IRS and can’t catch up. Or you may have done your due diligence and want to shift to a new kind of business.<\/p>\r\n

Even if the business is not doing well under your control, selling your business could be a wise and profitable alternative. You just want to sell your business.<\/p>\r\n

Of course, you must have a buyer first.<\/p>\r\n

A business owner who can’t find a prospective buyer must close their business<\/a>. Even the most well-laid business plans may not prepare you for closing your doors.<\/p>\r\n

A small business attorney can still help you sell off your business assets and intangible assets like intellectual property<\/a> or get out of your current lease. They can also help you prepare an exit strategy when you close.<\/p>\r\n

No matter your reason for selling your business, it’s important to plan ahead. The process can take a long time to complete, and a lawyer experienced in business sales can help.<\/p>\r\n

Questions To Expect in a Business Sale Meeting With a Lawyer<\/h2>\r\n

Before you meet with your lawyer, their office may send you a form with a list of questions to fill out. Some lawyers may wait to ask the questions when they see you.<\/p>\r\n

Regardless, make sure you get your answers together ahead of time. Here are common questions you can expect:<\/p>\r\n