Sell A Business

If you decide that selling your business is the right exit strategy for you, be sure that you cover all your bases. In order to sell a business officially, you will need to prepare a sales agreement. This is the key document in buying the business assets or stock of a corporation. It is important to make sure the agreement is accurate and contains all the terms of the purchase. It would be a good idea to have an attorney review this document. It is in this agreement that you should define everything that you intend to purchase of the business, assets, customer lists, intellectual property and goodwill.

The following is a checklist of items that should be addressed in the agreement:

  1. Names of seller, buyer, and business

  2. Background information

  3. Assets being sold

  4. Purchase price and Allocation of Assets

  5. Covenant Not to Compete

  6. Any adjustments to be made

  7. The Terms of the Agreement and payment terms

  8. List of inventory included in the sale

  9. Any representation and warranties of the seller and buyer

  10. Determination as to the access to any business information

  11. Determination as to the running of the business prior to closing

  12. Contingencies

  13. Fees, including brokers fees

  14. Date of closing

Need help coming up with an agreement, one of our small business counselors can help.  Book an appointment today

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Funded in part through a cooperative agreement with the U.S Small Business Administration (SBA). All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA