Douglass & Runger - September 2022

Position Your Business to Be Sold NAVIGATING A PRE-SALE TO-DO LIST There are many reasons why you may want to sell your business, but regardless of why you want to sell, you can’t just hang up a “for sale” sign and wait for the offers to start rolling in. Selling your business takes time and preparation. Get a business valuation. Obtain a realistic idea of what your business is worth from objective, outside sources — like a local accounting firm or regional business brokers. A professional business valuation can give you a basis for gauging buyer offers and will give you a better idea of what you can expect to net from the sale. It also allows you to see your business’s marketing position, financial situation, strengths, and weaknesses. Get your documents in order. Typically, buyers evaluating your business require at least three years’ worth of financial information. The more formal the statements, the better the impression you’ll make, and the easier the due diligence for a potential buyer. It is also important to gather your legal documentation, like incorporation papers, permits, licensing agreements, leases, customer and vendor contracts, etc. Be sure to have them ready, current, and in order! Consider management succession. If your position is vital to your business, have you given thought to whom the buyer can turn for help running the business after you leave? Creating a succession plan before listing your business for sale on the market may reduce the chances of any detrimental effects on your former business. Identify any tangible and intangible assets. As you get closer to your targeted sale date, be sure to create a list reflecting the value of all your business’s physical assets, such as equipment or inventory. You should also consider the value of your intangible assets — your contracts, agreements, customer relationships, and brand recognition. Any non-material assets that contribute to your business’s profit line have the potential to boost their price! Navigating through the process of selling your business can be complex. Here at Douglass & Runger, PLLC, Attorneys at Law, we assist our business clients in tackling the legal issues and questions they may encounter! Call us today at 901-388-5805.

No-Fuss Chicken and Rice Soup

Inspired by RecipeTinEats.com

Fall is almost here, so it’s time to break out the soup! Your family is sure to love this recipe — it’s a classic.

INGREDIENTS • 2 tbsp olive oil • 1 onion, chopped • 2 garlic cloves, minced • 3 carrots, sliced • 3 celery ribs, sliced • 2 chicken bouillon cubes • 1/2 tsp dried parsley

• 1/4 tsp pepper • 4 cups chicken broth • 4 cups water • 1 1/4 lbs bone-in, skinless chicken thighs • 1 cup uncooked white rice • Salt, to taste

DIRECTIONS 1. In a large pot over medium-high heat, warm the olive oil. Add the onion and garlic and sauté for 5 minutes. Add the carrots and celery, then sauté for 1 more minute. 2. Add the bouillon, parsley, pepper, chicken broth, and water. Stir, then add the chicken thighs. 3. Cover and simmer on medium-low for 30 minutes, then add the rice. Stir, cover, and simmer for 15 more minutes. 4. Remove the pot from the heat and transfer the chicken to a large bowl. Shred the meat and add it back to the soup. Discard the bones. 5. Stir, salt, and serve! INSPIRATION “If you are always trying to be normal, you’ll never know how amazing you can be.” —Maya Angelou

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