There is basic criteria which must be met in order for a business owner’s exit to be successful. The owner’s needs and goals must be accounted for and must be met upon exit. The market must be favorable so that there are willing buyers. However, before an exit can come to fruition, the business itself must be ready for transition.
This workshop will focus on basic, relatively easy issues all owners must address well in advance of sale to prevent a business from being completely unprepared, such as:
- Obtaining and reviewing basic ownership documents for the business and all assets used in connection with the business. This should be done on a regular basis, but most importantly in advance of a sale. Owners often take these things for granted and leave them until the last minute.
- Reviewing personal liability of the business owner. A lease guaranty, a personal guarantee on a credit card, or any other personally guaranteed obligation can hold up a sale.
- Ascertaining required consents of third parties. Some owners do not even know that these clauses are in their agreements. It is important to take an inventory of all agreements which are binding on the company and address the need for third party consents. We will discuss some commonly encountered issues with this.
Sometimes it is helpful to take a “walk before you run” approach in preparing for a sale, so that avoidable delays are in fact avoided.
About the Presenter:
Hear from industry expert Joseph G. Milizio on the basic issues that affect exiting business owners.
Registration is free. Thank you to our sponsors:
This meeting will be held at Vishnick McGovern Milizio LLP.
Address: 3000 Marcus Ave., Suite 1E9, Lake Success, NY 11042