Challenges of Selling Your Business

The Pitfalls & Challenges of Selling

Jun 23, 2021 | Business

The Better Business Roundtable is a monthly live segment that features business experts from our community. These amazing leaders bring a wealth of experience in owning and running a business that they share with other companies in our area.

We are honored that our CEO Tom McDougall was asked to be a part of such a wonderful group of business leaders. Other participants include Dan Staller, Market President at Starion Bank, Chad Flanagan, a partner in Charge of Business Valuation at Eide Bailly, and Tyler Leverington, Corporate Attorney at Ohnstad Twichell Law Firm.

Pitfalls & Challenges of Selling Your Business

Clean titles are a must! Just like selling your car or house, it would be really hard to sell without a clean title. Finding out at the last min that there’s a lean on something is going to crush a sale pretty quickly. Talk to your accountants and attorneys ahead of time. Clean that stuff up! Start a couple of years before you are ready to sell, talk to people about what your value should be. Figure out the legal components. Contact your banker, make sure you’re set up the best to optimize your sale. Doing this prep work makes it easy for the buyer to buy. Even if you are not looking to sell, make sure your titles and leans are all correct. Keep those things current as you go, don’t wait until you’re ready to sell. Check out the segment below to learn more from our Better Business Roundtable team!

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