Air Out the Skeletons in Your Closet to Avoid Problems During the Business Sale
The following are issues that can rear their ugly heads during the due diligence investigation that a buyer will perform before closing on the sale of a business.
Therefore, it is a good idea for the seller to be aware of possible skeletons in the closet in order to avoid scaring away potential buyers.
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Lifestyle Business - Is its Meaning Changing? 
There's always been lots of discussion about what, exactly, defines a lifestyle business. You can ask 10 people and you'll have 10 different answers. But is it an antiquated term that has no bearing in the world today? There are many small business owners who are living proof that you can work much less than popular traditional wisdom would have you believe and still run a very successful, multi-million dollar business -- and still have time for coaching your kid's sports team, playing golf or tennis during the week, growing a vegetable garden, taking karate lessons, or socializing with people other than business associates. With trends as they are today, will the next generation make the term the norm as the defiinition of small business?
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Ask The Experts - Question from our Audience
Q: What are the most common reasons that a closing doesn't happen after a contract to purchase has been signed to purchase a business?
A: The three most commons reasons that we have documented over the years are:
- Financials provided by the seller weren't satisfactory to the buyer
- Buyer couldn't obtain financing
- Skeletons in the closet
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