Important Considerations in Selling
You've decided it might be time to sell your business. Now the real hard work begins. To help guide you through the process, Neil Balmert, an attorney with DLA Piper, provides a to-do list for pre-sale planning.
1. Intellectual Property Ownership: Ensure that all intellectual property is properly owned by the company.
2. Non-Disclosure Agreements: Have non-disclosure agreements (NDAs) in place with your employees.
3. Books and Records: Maintain well-organized books and records.
4. Financial Statements: Ensure the accounting function is properly managed, with accurate financial statements.
Key Deal Points in Sale Agreements:
● Bring in Counsel Early: Engage legal counsel when negotiating the letter of intent. Founders often miss critical points because they handle this themselves.
● Indemnification: Beyond price, indemnification is crucial. This involves the buyer's right to reclaim some of the purchase price post-closing if certain conditions are not met.
If you have questions about what’s best for your business, give us a call.
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