What records should an eyewear boutique owner organize before selling?
Organize the financial statements first, then the records that explain them. Gather frame inventory by brand, supplier terms, staff files, equipment lists, the lease and customer records handled with care. A buyer who finds clear records tends to trust the rest of the business.
Start with the money. Collect your recent financial statements, sales reports and the records behind them, so a buyer can trace a number to a source. Ask your accountant to tidy anything unclear before a buyer asks. Consistency matters more than perfection.
Next, gather the operating records. List frames by brand and style, with what is on hand and what is aging. Pull together supplier and brand agreements, equipment and service contracts, and your lease. Collect staff files, including roles, hours and any records of employment you hold for former employees.
Customer records need extra care. Eyewear shops hold personal and sometimes health-related details, so decide with your lawyer what can be shown and when, and what should be withheld until a deal is firm. Organize files under clear headings and keep an index. A buyer who can find things quickly will ask fewer anxious questions. Keep a short list of who needs which record, such as your accountant, lawyer or the buyer’s advisers. Store originals safely and share copies. Mark anything you must keep for your own purposes after the sale, so you do not hand over the only copy of something you need later. Ask your advisers how long each kind of record should be kept after the sale.
Key takeaways
- Gather statements and the source records behind each number.
- Organize frame stock, supplier terms, leases and equipment files.
- Ask your lawyer what customer information may be shared, and when.
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 02Business Development Bank of CanadaGovernmentWhat are financial statements?
- 03Business Development Bank of CanadaIndustryHow to sell your business
- 04Business Development Bank of CanadaGovernmentHow to minimize negotiations when selling your business
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