Thinking about selling your business but not sure where to start?
If you’re like many small to mid-sized business owners, the idea of selling your business can feel overwhelming. It’s more than a financial decision — it’s often deeply emotional, and the legal complexities can make it feel even more uncertain.
At Koegle Law Group, we’ve helped countless business owners navigate this critical transition. In this blog, we share key insights to help you understand what goes into preparing your business for sale — and how to do it right.
Why Start Now?
Too often, business owners wait until they’re exhausted or forced to sell, leaving little time for thoughtful planning. Whether you want to sell in 2 years or 10, starting early gives you more control, more options, and a higher valuation.
Step 1: Understand Your Exit Options
Not all business sales look the same. Here are a few common paths:
- Internal Succession
Sell to a key employee or leadership team member. This allows for continuity but often requires structured financing or transition periods. - Employee Stock Ownership Plan (ESOP)
An ESOP can allow your employees to collectively own the business — a powerful retention tool and cultural legacy, but with significant setup costs. - External Sale
Sell to a competitor, vendor, or private equity firm. This can bring top dollar but may require transitional roles and confidentiality protections.
Ask yourself:
Who would be best suited to run the business you’ve built — and who is most likely to value it properly?
Step 2: Be Ready to Let Go
For many entrepreneurs, their business is like their child. Letting go is hard.
In one example, a $150M manufacturing company came to us ready to sell — or so they thought. As we worked through their options, they realized they weren’t ready to give up control or change their lifestyle.
The truth is: Every transaction involves trade-offs.
You’ll give up some control, and you’ll take on some risk. But the reward can be financial freedom, peace of mind, and a successful legacy.
Step 3: Start Legal & Structural Planning
Once you’ve clarified your goals and mindset, it’s time to prepare legally. Here are the major steps:
✅ Organize Corporate Documents
Make sure your formation documents, bylaws, and meeting records are updated and clean.
✅ Review Contracts & Obligations
Ensure client contracts, vendor agreements, leases, and licensing are assignable or transferrable.
✅ Clean Up Financials
Buyers want to see accurate, transparent, and well-documented financials — ideally going back 3–5 years.
✅ Identify Potential Liabilities
Mitigate risk in advance by resolving outstanding legal issues or employee disputes.
✅ Consider Tax Implications
Work with your legal, financial team, and CPA to structure the deal in a way that minimizes taxes and protects your assets.
Step 4: Build Your Advisory Team
You shouldn’t go through this alone. Your advisory team may include:
- Business attorney (👋 That’s us!)
- CPA or tax advisor
- Financial planner
- Business broker or M&A advisor
Each professional brings a unique perspective and helps ensure you don’t overlook critical details.
Final Thoughts: Start With a Conversation
You don’t need all the answers right now — but you do need a starting point. At Koegle Law Group, we specialize in helping business owners plan, protect, and execute transitions with clarity and confidence.
Whether you’re thinking about selling in the next year or just exploring your options, now is the time to lay the groundwork.
Ready To Start the Conversation?
Schedule a confidential consultation with our team today.
Let’s talk about your goals, your business, and what success looks like for your future.
👉 Contact Us | 📞 661.362.0813
