When it comes time to buy or sell a business in New Jersey, New York, Connecticut, Maine, Vermont, Pennsylvania, or Massachusetts, you’ll need to enlist the assistance of various professionals including business brokers, attorneys, accountants and other advisors. But what will these advisors do and why are they necessary? Let’s take a closer look.
An accountant or CPA is tremendously beneficial during the sale of a business. They will review a seller’s financial statements including past tax returns and statements. If there are any inaccuracies, they will help you correct them. They can also assist sellers to prepare for due diligence. Further, they can give you input on the tax implications.
If you’re looking to sell, it’s important to find an accountant who has specific experience with buying and selling businesses. When you work with an accountant in advance, this will give you far more flexibility when it comes to maximizing revenues after the sale of the business. If you are looking for recommendations for an accountant to assist you, your Inbar Group business broker in New York City, New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Maine and/or Massachusetts can provide guidance.
An attorney can also assist with advance preparation. In many transactions, a buyer can bring in a team to help conduct due diligence. Your attorney can help you with questions that come up during this process and also with negotiating. He or she will review all the transaction documents to ensure you’re fully protected. This can include everything from reviewing your NDA or preparing or reviewing the letter of intent and purchase agreement.
In the case of a large business being sold, the buyer’s legal team will often prepare the purchase agreement. Your attorney will help you review and negotiate terms of this agreement. Further, if land is involved in the transaction, a lawyer will assist to prepare and review these documents. This list just scratches the surface of the various ways attorneys are involved during the sales process.
Are you looking to buy or sell a business in New Jersey, New York, Connecticut, Maine, Vermont, Pennsylvania, or Massachusetts? At Inbar Group, our business brokers handle a wide variety of aspects, and they will work with you from start to finish. Their tasks include everything from conducting an initial valuation to determine the fair market price for your business, assist with the due diligence process to assisting with negotiations between buyers and sellers.
In the case of selling a business, they also help confidentially market and advertise the sale of the business. Your business broker will also help ensure that the transaction is a win-win for both sides. He or she will help streamline the entire process so that business owners can focus on successfully completing their day-to-day responsibilities. When it comes to buyers, business brokers will help buyers narrow down the choices and find businesses that the best choice for their budget and unique situation.
Business brokers can assist you to find other trusted professionals and necessary advisors to help with the legal and accounting side of a transaction. If you would like to discuss this topic further with Inbar Group business broker in New York City, New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Maine and/or Massachusetts, please contact us today.