Congratulations! The due diligence is done, and you and the buyer are satisfied with the deal.
You’re getting ready to schedule a closing date where you and the buyer, along with your APS Consultant and other professionals, will dot the I’s and cross the T’s.
So what should you expect before crossing the finish line?
BE PREPARED FOR SOME EMOTION
By this stage, you’ve met and approved a buyer and settled all the major terms. You may even have had
a few deals fall apart along the way, making you anxious to see the sale through. However, now the transition comes into focus and becomes more real.
The business you’ve nurtured for years will officially belong to someone else once all necessary documents are signed. You may alternate between elation and sadness, a sort of bittersweet feeling as you start a new chapter in your life.
TAKE ANOTHER LOOK
Before you complete the deal, you’ll need to review the final documents, such as a bill of sale, closing statements, non-compete agreements, leases, and other legal documents.
There may be some last-minute negotiation regarding price, payment structure, and possible tax implications to reach the final deal, but once you and the buyer approve the documents, you can schedule a closing date.
It’s important for you to understand exactly what’s in a sale of business agreement so you’ll know what to expect, when to negotiate and how to best maximize after-tax proceeds and minimize future liabilities. Having trusted advisors, like Accounting Practice Sold, by your side is essential to get to the finish line.