Selling a business typically requires:
- Financial records – tax returns and financial statements (usually 3-5 years)
- Business valuation report – to justify asking price
- Asset list – equipment, inventory, property
- Legal documents – articles of incorporation, licenses, permits, and contracts
- Lease agreements – if property is rented
- Customer and vendor lists – with contract terms
- Employee records – payroll, benefits, and org chart
- Intellectual property documentation – patents, trademarks, copyrights
- Letter of intent (LOI) – outlining sale terms
- Purchase agreement – the formal sale contract
- Non-disclosure agreement (NDA) – to protect sensitive info during negotiations
- Due diligence checklist – to organize buyer requests
Requirements vary by industry, business size, and state law, so consulting an attorney or broker is recommended.