How to buy or sell a business

The act of selling or buying a business should revolve around good business records.

Business records are the paper trail that documents the history of a business. Good records illuminate a business’ track record. These records should include, at the very least, financial statements, copies of sales tax forms, payroll tax records and tax returns for the past three years.

Business operators with selling in mind should maintain good records. Prospective buyers should scrutinize these records carefully. If numbers aren’t your forte, use the services of a professional to help you create and maintain good records if you’re the seller and consider…