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!

Subscribe to “What’s On Your Mind”

Want More From the Roundtable?

Tune in to AM1100 WZFG The Flag on the 3rd Tuesday of each month during the What’s On Your Mind Program from 9-11am CST.

Tags: Tips

Recent Posts

Is Microsoft Copilot for M365 Right for Your Business?

Is Microsoft Copilot for M365 Right for Your Business?

There’s been a lot of buzz around the highly anticipated limited launch of Copilot for M365 by Microsoft. People are talking, and understandably so. It's got everyone excited and curious, but it's also raised some valid security questions. Let's dive in and explore...

Why Invest in Physical Security Technology?

Why Invest in Physical Security Technology?

In an increasingly digital world, it's easy to overlook the importance of physical security. However, the safety of physical assets, whether it's your office building or equipment, remains a crucial aspect of overall business security. So, continue reading to learn...

The Basic Guide to Cyber Insurance

The Basic Guide to Cyber Insurance

With the ever-changing world of cybersecurity, it’s more important than ever for businesses to manage potential risks and keep their data safe. While the advancement in technology has made our lives easier, it has also caused a major rise in cyber threats....

High Point Networks Welcomes Chief Financial Officer

High Point Networks Welcomes Chief Financial Officer

Press Release January 11, 2023 – West Fargo, ND, High Point Networks, adds Chad Rieth as Chief Financial Officer. High Point Networks proudly welcomes Rieth, who brings more than three decades of experience in the financial industry with him. For the past 15 years, he...

We're Here to Help

Curious about our services? Need to chat with support?

High Point Networks happy team members