The Seller’s Pre-Closing Checklist

If you are selling a business there are numerous things you can do to prepare for a business deal. We have compiled a brief checklist in order to assist those selling a business. This is just a brief guideline only, and some of these items may not be applicable to your business transaction. If in doubt, consult your business broker, lawyer, accountant, wealth adviser or other professional.


  • Request a Certificate of Good Standing and Corporate Tax Lien Waiver (if applicable).
  • Have Accountant request a Certificate of Good Standing (Secretary of State’s Office).
  • Sell off inventory at profit to reduce to agreed amount.
  • Remove all personal belongings.

Corporate Financial:

  • List accounts receivable, give copy to buyer.
  • Check for return of all deposits (utilities, landlord, leased equipment, etc.).
  • Prepare most recent, or highest recent cost, invoices for inventory count at closing
  • Notate your calendar for receipt of annual insurance certificates and rent increase dates.


  • Notify all vendors, suppliers and contracts, etc. (Alarm, Trash, etc.) Introduce Buyer to all vendors, suppliers and salespeople and help the   buyer get credit applications from all suppliers.
  • Notify utility companies to make final readings. Close your accounts as of the closing date. (Electric, gas, propane, alarm, trash, etc.)
  • Arrange with phone company to transfer telephone number to buyer.
  • Prepare for changing of keys and alarm codes.


  • Change corporate address at Post Office.
  • Change corporate address with Secretary of State.
  • Have accountant file final payroll and debt returns for corporation.
  • File UCC financing statements at City/Town Hall, Statehouse and Registry of Deeds (if applicable).
  • File statement of abandonment of use of fictitious (d/b/a) name with City/Town Clerk.

Insurance Needs:

  • Make arrangements for personal insurance to be paid by business.
  • Notify insurance carriers of change of ownership. Cancel insurance and arrange for rebate if you have pre-paid.
  • When you work with George and Company, we will carefully guide you through the rigorous process of selling a business. Through our business valuation and consulting services, your can be assured that your business will sell to the best buyer who offers the best price.