Planning to Sell Your Business in 2026? Here Are a Few Pro Tips
Selling a business represents the culmination of years of hard work, planning, and growth. Whether you built a small family operation or a thriving company in Chicago, preparing for a sale requires careful coordination, legal precision, and timing. As 2026 approaches, many business owners are positioning themselves for strategic exits or new ventures. At Berardi and Associates, we help business owners evaluate opportunities, structure transactions, and complete sales efficiently and securely.
Selling a business involves more than finding a buyer. It requires evaluating your company’s value, addressing tax implications, and ensuring the transaction aligns with your financial goals. Understanding the process in advance helps prevent delays, protect your assets, and maintain compliance with Illinois law.
Understanding Your Business’s Value
The first step in preparing for a sale is determining your company’s worth. Many owners rely on professional valuations to identify tangible and intangible assets, including equipment, property, goodwill, and intellectual property. A qualified appraiser or accountant can help establish an accurate valuation, which serves as the foundation for negotiations.
A business attorney in Chicago ensures that every stage of this process complies with legal requirements and that representations about the business are properly documented. This includes confirming that ownership interests, contracts, and debts are disclosed before negotiations begin. Without this documentation, buyers may challenge terms or reduce their offers, potentially jeopardizing the deal.
Preparing Financial and Legal Records
Buyers want transparency. Organized financial records show that your business is stable and profitable. This includes preparing tax returns, income statements, balance sheets, and cash flow reports from recent years. Legal documentation should also be up to date, including operating agreements, employment contracts, vendor arrangements, and any pending litigation.
Before listing your business for sale, confirm that all licenses and registrations are valid. In Illinois, missing or expired permits can complicate due diligence and delay closing. An experienced business sale attorney can identify compliance issues early, allowing you to address them before negotiations begin.
If you are preparing for a sale or want to assess your readiness, our team can review your business documents and guide you through every legal stage of the process. Visit our contact page to connect with our attorneys and discuss your goals.
Structuring the Sale
Once you have a buyer, determining how the sale will be structured is critical. Business sales typically occur through either an asset sale or a stock sale. In an asset sale, the buyer purchases specific assets such as equipment or inventory, while liabilities remain with the seller. In a stock sale, the buyer acquires the entire company, including its assets, contracts, and obligations.
Each structure carries unique tax implications and liability risks. A business lawyer helps evaluate which approach best fits your situation, balancing financial return with long-term protection. The attorney also ensures that warranties, indemnities, and transition provisions are clearly defined in the sale agreement, reducing the chance of post-closing disputes.
Negotiating the Terms
Negotiation extends beyond price. Buyers and sellers must agree on timelines, payment methods, and contingencies such as performance benchmarks or post-sale consulting arrangements. This is where professional representation becomes essential. Illinois contract law provides flexibility, but without precise drafting, one-sided clauses can create complications later.
A business sale lawyer can help draft and review these agreements, ensuring every clause reflects the parties’ intentions. This includes provisions for non-compete agreements, confidentiality obligations, and dispute resolution. Properly negotiated terms prevent misunderstandings and protect the value of your business after the sale. You can also learn more about our attorneys by visiting the attorneys page.
Managing Employee Transitions
Employees are often a vital part of a company’s success. When planning a sale, it is important to communicate changes responsibly and in compliance with employment laws. Many transactions include retention bonuses, transfer agreements, or phased transition plans. Consulting with legal counsel ensures that employee rights are respected and that obligations under federal and Illinois labor laws are met.
In some cases, buyers may require certain employees to remain for a defined period after the sale to ensure continuity. This should be clearly addressed in the sale contract and communicated transparently to staff once the deal is confirmed.
Avoiding Common Pitfalls
Business sales can fail for several preventable reasons, such as undisclosed debts, inaccurate valuations, or incomplete records. Engaging an attorney early helps you identify these issues before negotiations begin. Clear documentation, open communication, and legal review are key to a successful transaction.
It is also essential to remain realistic about timing. Complex deals with multiple assets or investors may take several months to finalize. Setting achievable expectations helps maintain momentum and reduces pressure during closing.
Trusted Legal Guidance for Your Business Sale
Selling a business in Illinois requires strategy, precision, and coordination between multiple parties. Berardi and Associates helps business owners throughout Chicago and across Illinois confidently complete sales and comply with all regulatory requirements. Our firm assists with valuations, negotiations, and contract drafting to ensure your interests remain protected. To schedule a consultation or begin planning your exit strategy, contact us today.