The Day Of The Sale Checklist For Selling A Business in Orlando
Selling a business in the Orlando area is always an exciting time and the day of closing also brings a long list of items that have to be covered to make for a smooth transition. Because our business brokers in Orlando have sold so many hundreds of deals we felt it might be helpful for business buyers and sellers to put together a checklist of items needed for the majority of main street business transactions in Florida. If you can check off everything on this list, you are in great shape when selling your business in Central Florida.
Items to take care of before the closing of the business for sale in Orlando:
1. Make sure bring any lease or lease assignment documents that need to be filled out and signed. More importantly make sure there is a plan for how those documents and any initiated or outstanding fees will be delivered to the landlord. Make sure you have an estoppel letter in place that proves and is signed by the landlord that you do not owe them any additional monies after closing.
2. Make sure the buyer has applied for business and liability insurance and the policy is in place prior to closing.
3. Make sure Buyer has made contact and has applied with any merchant processing companies they require to operate the business and accept payment. If a merchant account is not in place, that means the seller will be accepting the income until it is switched over to the buyer.
4. Be sure to have a final equipment list to add to the closing documents.
5. Be sure to have a final inventory count and amount prior to closing.
6. Make sure all parties that are supposed to be signing know they need to attend. Make sure they know the location of closing and that they bring their ID’s.
7. Most attorneys in the Orlando and Central Florida area ask that business buyers wire the purchase money funds ahead of closing. Every bank has different times and standards so wiring is not always immediate. Buyer needs to wire funds well in advance.
8. Make sure closing documents have been reviewed by both buyer and seller.
9. Make sure that both buyer and seller are aware that they will need to eventually agree to an allocation agreement for tax purposes.
10. Make sure Seller brings with them any keys, vendor contact information, list of customers, vehicle titles and any vital documents for a new owner to closing.
List of items to do after closing of the business for sale in Orlando:
1. Make sure Buyer transfers all business tax licensing, occupational licensing, and business licensing. The majority of operational licenses in Florida cannot be transferred to a new party without a Bill of Sale or proof of new ownership.
2. Transfer all utilities including electric, water, phone, gas, internet. While these can be done beforehand things to happen and deals get delayed so in order to make sure one party is not paying more than they should it just helps to transfer these items afterwards.
3. Make sure any lease assignment, documents and payments are delivered, mailed or wired to the landlord.
4. Make sure and time and strategy are set to introduce the new owner to any employees, customers or vendors.
5. Make sure the process starts for transferring the employees payment and work information to the new business corporation.
6. Double check and make sure that buyer has a list of any codes, login information and payment liabilities that need to be taken care within the next week.
At Crowne Atlantic our business brokers work hard to make sure the small details are addressed and taken care of and this prevents smaller issues from becoming larger issues. If you want a business broker in the Orlando and Central Florida area that focuses on the sale of YOUR business rather than just tagging your business with a number in a bag of listings call the Orlando Business Brokers at Crowne Atlantic at 407-478-4101.