Just because you put your franchise on the market does not mean that your work is done. Rather, you have the responsibility of gathering and preparing certain documents for prospective buyers. These documents are supposed to provide prospective buyers with all the important information they may need before making this critical financial decision. Continue reading to learn what documents you need to sell your franchise and how one of the experienced franchise law attorneys at FortmanSpann, LLC can help you in prepping them.
What important documents do I need to sell my franchise?
Likely the most important documents that you need to share with a prospective buyer are those pertaining to your franchise’s accounting information. To ensure that this financial information is as accurate as possible, you will likely have to hire an accountant. And so, this process can take weeks or months, especially if you need to recast your finances.
In addition, you must provide documents related to your landlord-tenant information or otherwise your real estate records, which all depend on whether you own or lease the property. These documents are important for your hired franchise law attorney, as they will help them prepare for the transfer of your real property interest associated with your franchise.
Also important are the documents regarding your equipment leases or otherwise your service contracts. That is, you must disclose to the prospective buyer what leased equipment, furniture, and/or personal items it takes to run your franchise. This is because the prospective buyer will likely assume these leases, and you do not want any potential liability held against you later on.
What other documents might I need?
While documents regarding your accounting information, landlord-tenant information, and equipment leases are critical, there are many more important documents to be aware of. Examples of such documents include, but are not limited to, the following:
- Documents pertaining to your customer lists.
- Documents pertaining to your corporate kit or otherwise your corporate information.
- Documents pertaining to your government license information.
- Documents pertaining to your supplier information.
- Documents pertaining to your vehicle information.
- Documents pertaining to your insurance information.
- Documents pertaining to your employee information or otherwise your employee benefits information.
- Documents pertaining to your union information.
- Documents pertaining to your trademark, copyright, or patent information.
We understand just how overwhelming and time-consuming preparing these franchise documents may be. This is why we recommend that you do not go through this alone. Instead, you must retain the services of one of the skilled franchise law attorneys. We are dedicated to lifting this weight off your shoulders and making your franchise sale as seamless as possible. So pick up the phone and call to schedule your free initial consultation today.