Posted on Thu, Oct 01, 2009
If you are considering selling a business in Tucson or Southern Arizona, remember to pay attention to your balance sheet.
Many small business owners pay less attention to the Balance Sheet than to the Income Statement.
Sometimes the entries to balance sheet accounts are incorrect or misnamed. It is best to have a professional review the balance sheet and income statements and make necessary corrections prior to initiating any business sale process.
Keep in mind that If there are any items that will NOT be included in the sale of the business, they need to be removed from the balance sheet prior to publishing it for review by a potential buyer. Such things might include real estate, personal vehicles, personal equipment, patents and copyrights, and even excess cash.
Additionally, inventory and accounts receivable need to be accurate, and the method of tracking them needs to be consistent.
Anyone considering buying a business in Tucson or Southern Arizona, or making a Tucson business investment will want to carefully understand what is on your balance sheet.
Therefore, preparing your balance sheet accurately and carefully before considering selling a business in Tucson or Southern Arizona will be time well spent and will contribute to a smoother business selling process.
If you'd like more information on this subject, please contact us at 520-327-4454 or visit us at www.allenandyoung.com