Tips for Making a Successful Closing Day

Jul 20, 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.

Our CFO, Kelly Schlauderaff, was honored to step in for Tom McDougall this month! 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.

How to Make Closing Day Successful

There are always going to be surprises! Expect a lot of phone calls, be ready and available to communicate. Be prepared for the buyer to renegotiate anything! Why are there surprises? A lot of folks don’t think about the fact that we are selling a business, the reality is the business continues to operate up until the closing date.

Things change, and things come up. Those things drive changes and create surprises. COVID is a big example of those changes that can happen. The lead time it takes to actually close is long, the dynamics of the business can completely change. It could be a different business 9 months later!

As a seller, you should be doing some diligence, who is your buyer? How can they execute the actual sale? Make sure the buyer will take care of your employees and customers, it’s not always about the best dollar value.

Check out the segment below to learn more from our Better Business Roundtable team!

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Tags: Tips

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