Selling your business – Due diligence (S3E58)

Learn what to expect during due diligence if you're looking to buy, sell, or invite investment into your business.

In this episode, I talk about what to expect during due diligence, and how you can prepare:

• Who pays for due diligence? (and why you might want to consider a good faith deposit during negotiations)
• The important reasons you should use an NDA - nondisclosure or confidentiality agreement
• The different types of documents you'll be asked to provide
• Why you might be required to produce your tax returns or bank statements and other financial records
• Why you need to make sure that contracts with your key business relationships are in order
• How protecting your intellectual property now could mean a bigger profit if you decide to sell down the road

Key takeaway: Not having your legal house in order can kill a buy/sell or investment deal in an instant. Preparing for due diligence with a trusted attorney and tax advisor can help ensure a successful transaction or agreement.

If you need an NDA (nondisclosure / confidentiality) agreement like the one mentioned in this episode, be sure to check out our contract template store: https://awbfirm.com/contract-templates/ Our templates are fully customizable by you and available for immediate download!

Additional resources:

Legal Road Map® episode 43 with bookkeeper Heather Pranitis: https://www.awbfirm.com/podcast43

Emily Ramsey with J. Smith Lanier in Chattanooga, risk management and insurance for large or high-risk companies, regardless of your location: https://www.linkedin.com/in/emilyramsey14/, http://www.jsmithlanier.com/

5 minute IP Audit worksheet: http://awbfirm.com/podcast

Contract template store: https://awbfirm.com/contract-templates/

This podcast is information, not legal advice specific to your situation.