Selling an Ohio business without surprises at the closing table.
Ohio is full of long running, owner operated companies in services, manufacturing and the trades. Ohio also has a few rules that land on the buyer, which means your buyer will be checking for them.
Ohio specifics buyers will check
Plan for these early and they become a formality instead of a renegotiation.
Sales tax withholding
Ohio law lets the state look to a buyer for a seller's unpaid sales tax unless the buyer holds back enough of the price or the seller shows the taxes are paid. Expect a holdback or a clearance request.
State run workers comp
Ohio is one of the few states where workers compensation runs through a state fund, the Bureau of Workers' Compensation. Buyers look at your BWC account and claims history as part of diligence.
City income taxes
Many Ohio cities and villages levy their own income tax. Where your business operates and where your employees work can affect how the sale is taxed, so your CPA should model it before you accept an offer.
Ohio tax and BWC rules are summarized here for general awareness. Your CPA and attorney have the final word.
Columbus, Cleveland, Cincinnati and in between
Ohio owners usually start with a call and a data room upload. I visit for the site tour and the meetings that matter most.
Ohio licensing
Ohio does not currently require a real estate license for brokering the sale of a business on its own. Any building or lease that comes with the deal is handled by a real estate professional licensed in Ohio.
Ohio owners usually ask me this.
Holdbacks, workers comp and trades businesses are the topics Ohio owners raise most.
Will an Ohio buyer hold back part of my sale price?
Possibly. Because Ohio can pursue a buyer for a seller's unpaid sales tax, buyers often hold back funds until the seller provides proof the taxes are paid. Getting that proof early keeps more cash in your hands at closing.
What do buyers look at in my BWC account?
Your premium history, open and past claims, and whether the account is current. A clean BWC record is one less question in diligence.
Do you work with Ohio trades and service businesses?
Yes. HVAC, plumbing, electrical, contractors and other service companies are a core part of what I do, and they are in steady demand with buyers.
Ready for your next era?
Ohio owners can book a confidential call to see where they stand and what an Ohio buyer will ask for first.
