SELLER'S DUE DILIGENCE

You’ve decided to sell your business and move on to other ventures. Most likely, your business is worth selling and has value and sweat equity that you would hate to see destroyed by someone else. Therefore, before finalizing a sale, Sellers must do due diligence to ensure that a Buyer is competent. We recommend the following steps. This due diligence is not exhaustive and is intended only as a guide.

1. Review Buyer’s resume.
2. Call Buyer’s 5 professional references.
3. Obtain Buyer’s personal financial statement. http://www.sba.gov/sbaforms/sba413.pdf
4. Review the Buyer’s most current credit report.
5. Verify Buyer’s cash for down payment operating reserves.
6. Conduct a criminal background check on the Buyer. https://www.ncrpr.org

Let us help you navigate the business sales process. The St. Louis Group will make it easy for you.