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W W W. M A I N E B I Z . B I Z 7 M AY 2 9 , 2 0 2 3 The South Portland Sustainability Department announced that the South Portland Electric Tool Library will open on June 3. Kennebec Savings Bank opened a branch at 53 Baxter Boulevard in Portland. Real estate firm drops affiliation A Waterville-based real estate firm said it dropped its Century 21 affiliation and is now an independent agency, to be known as Surette Real Estate. e owners of Surette, founded in 1978 and based in Waterville, said the change is a sign of changing times and would allow for more indepen- dence for its clients. "Technology has changed so much over the past 45 years, and the role of Realtors and brokers has changed with it," said Tina Clifford, a partner at Surette. "No longer do we need to rely on the resources of an international company to buy and sell homes." N O T E W O R T H Y C E N T R A L & W E S T E R N Androscoggin Home Healthcare + Hospice in Lewiston said its annual Hike for Hospice event raised $20,000 to support hospice services. The organiza- tion also announced the establishment of the East Auburn Community Unit Pediatric Endowment, made possible by a $35,000 gift by Bonney Philips, presi- dent of East Auburn Community Unit. Thomas College in Waterville said it will offer tuition discounts for online graduate programs to the Maine Insurance Agents Association in Hallowell and its 1,519 individual agent members in the state. The college also said it re- ceived a $20,000 grant from the New England Board of Higher Education to expand awareness of its open educa- tional resources for students. Auburn Manufacturing Inc., which produces advanced textiles for extreme-heat environments, hosted an official from the U.S. Department of Commerce, Jennifer Knight, deputy assistant secretary for Textiles, Consumer Goods, Materials Industries, Critical Minerals and Metals with the department's International Trade Administration. Bar Harbor approves affordable housing project In an effort to address the afford- able housing shortage, the Bar Harbor Town Council town awarded a major hotelier in the area, Witham Family Hotels, the first permit under a new rule that will ease regulations. e applica- tion, submitted by Witham Family Hotels owner David Witham, will allow for employee living quarters on-site at the company's Atlantic Oceanside Hotel & Conference Center at 119 Eden St. e accom- modations will have 16 furnished bedrooms of about 80 square feet per room and will house a maxi- mum of 16 employees M I D C O A S T & D O W N E A S T C E N T R A L & W E S T E R N A S K AC E A n s w e r e d b y C a r r i e G r e e n Y a r d l e y o f Y a r d l e y E s q . P L L C The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: I'm thinking about selling my business. How can I get ready? ACE Advises: Housekeeping. In most business sales the buyer will want to take a good look under the hood, so as you plan for a sale, even before you have a buyer, get the business ready to withstand scrutiny. Selling a business always takes more time than the parties expect, because there are several steps after you negotiate and sign the purchase and sale agreement. Most agreements contain contingencies that serve as safety valves, allowing par- ties to back out of the deal if certain conditions are not met. If the buyer cannot get financing within a reasonable time, it makes no sense to continue. Similarly, buyers do not want to go into debt unless they can take a closer look at the business's value. This is the purpose of due diligence — a phase when the buyer asks questions, asks for documents, and looks at the business's records — and contingencies generally depend on buyer's satisfaction with what it finds. If you are not prepared, due diligence can drag on. If the buyer does not use a contingency to walk away immediately, it will probably dictate cor- rective measures, negoti- ate price adjustments, or both. A delay of several months is not unusual. The scope of due dili- gence varies with the value and complexity of the trans- action, but some items are routine. While a buyer is unlikely to want a full audit, it will want to know whether your books and records are accurate. Are all of your environmental and regulatory permits in place? Is your lease assignable? Are there legal skeletons lurking in your closet? It is easy to anticipate the questions, so you might as well find out the answers. It is easier and cheaper to deal with issues while you have time, and not when the buyer's financing commitment is about to expire. Carrie Green Yardley, a lawyer and a CPA, founded Yardley Esq. PLLC in 2015. he firm works with small businesses and their owners from startup to exit. Carrie is on the ACE board and is its incoming vice president. She can be reached at carrie@yardleyesq.com We offer discounted group subscriptions starting at 5 users. Ensure your team has all access to Mainebiz REACH OUT TO US AT CIRCULATION@MAINEBIZ.BIZ FOR A QUOTE

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