I'm in the early stages of selling my small retail business. I've been quoted thousands for a closing checklist from a consultant. Does anyone have a free or low-cost checklist they've used? I'm mostly worried about missing something obvious like license transfers or equipment liens.
Selling
Free closing checklist for small business
The SBA has a free asset purhcase checklist online. It's not perfect but covers the big buckets. Search for SBA asset purchase checklist.
I used one from my state's small business development center. No cost, they just asked for a quick follow-up call. Worth checking locally.
Don't rely on a generic checklist. The license transfer part is very state and industry specific. I'd start with the checklist from your state's licensing board.
I’ve got an old one in a Google Doc. It's from 2019 but ccovers the main items. DM me if you want the link.
CopperKettle, that would be great. I'll send a message. TundraBison, I found the SBA page, looks like a solid starting point for the asset sale side.
One thing it misses: equipment liens. You need to run a UCC search in your state to make sure nothing is pledged. That caught a friend of mine off guard.
Also, if you have a commercial lease, get a copy of the estoppel certificate requirements. Landlords can hold up closing for weeks if that isn't handled early.
Checklist is fine but the real problem is the purchase agreement. Have a lawyer read it. Mine found a clause that would have left me on the hook for a vendor contract that wasn't even active.
Sent the link this morning. It's not fancy. Just a spreadsheet with tabs for licenses, contracts, equipment, and employee notices.