September–October 2025

Oh, my, where did September go?! And why is the fall just rushing past, leaving us with crowded calendars and hectic schedules? 

The sun is going down earlier and earlier, as my favorite weather person, Mike Wankum of WCVB, gleefully recites each night (easy enough to see for ourselves as our dinnertime water views disappear into the evening blackness!). Although the morning sunrises are spectacular, it does not make up for the feeling of a day shortened by darkness.

It is inevitable, however, so take it as it comes and consider carving out some space for reading at the end of the day. The living room fireplace is my happy place when the dark shrouds us and I lean in to coziness. 

Scott Fitzgerald was right… “Life starts all over again when it gets crisp in the Fall.”

Marijo McCarthy, Esq.

Pr esident, Widett and McCarthy, P.C.

M&A attorney helping small business owners sell a business

How to Make Due Diligence Go More Smoothly as a Seller

This is easy… prepare! But how? Here are some quick tips to start the process:

Identify a “Data Room.” 

This might already be available to you in your secure email software. Otherwise, you can research stand-alone possibilities. None of them are very expensive, and they offer a solution for isolating the documents you will be asked for when a buyer comes knocking.

Begin saving the necessary documents now. 

Don’t wait to be presented with an intimidating, multi-page Due Diligence Checklist. Instead, choose some of the standard categories you will require and begin, category by category:

• Organization documents. Depending upon the nature of your operating entity (corporation, LLC, etc.), visit the web site of the Secretary of State in which you organized, do a search for your entity, and start downloading PDFs of the Articles of Organization for a corporation, or similar formation document for an LLC. Then check to be sure you have filed Annual Reports every year since formation (you would be amazed at what you find online when you double-check!); any major Amendments (such as a change of name); and the most recent Annual Report. If you are a multi-owner entity, chances are you have a Shareholder Agreement or Operating Agreement buried somewhere in your files, too. Add all of this to your Data Room.

• Financials. P&L statements and balance sheets for at least three years. ( Hint: every January, when you close your previous year’s books, add that year to the Data Room and delete an earlier year.)

• Tax Returns. Add at least three years of state and Federal, with all attachments (not personal).

• Bank statements. Again, at least three years of all business bank account statements (not personal).

My intent is not to overwhelm you all in one shot — we will consider additional categories in future newsletters. Take this one step at a time and you will be amazed at how much easier this process will be down the road, when a sale is on the near horizon!

Books We Like

It was a sad day for me when David McCullough died. Even as I sit typing this, I can look over at my bookshelves and see every single one of his books lined up, waiting for me to flick through, reread, or just pick up and ponder. 

McCullough was a literary historian with a knack for making his topics so readable … whether it was John Adams, Harry Truman, a bridge in Brooklyn, or a historic flood in a small community called Johnstown. I so looked forward to his wit and wisdom each time.

Back in December 2010, I was fortunate enough to hear Justices Sandra Day O’Connor and David Souter talk about the importance of civics teaching in the classroom ( A Conversation with Justices Souter and O'Connor | JFK Library ). This conversation was again brought to mind when I read McCullough’s posthumous collection of essays that serve his devoted readers well: History Matters , edited by his daughter and his long-time researcher. 

Particularly during these turbulent times, McCullough reminds us of the importance of history in our present and future, as he emphasizes the relevance of character in our political leaders. It almost seemed as though he was leaving us his best advice and cautionary wisdom for going forward. I like to think McCullough is watching over us, as we read and ponder his words today. I hope you enjoy it as much as I did.

The information you obtain at this site is not,

nor is it intended to be, legal advice.

You should consult an attorney for individual advice

regarding your own situation.

Copyright © 2025 Widett and McCarthy, P.C.

Newsletter Developed by Blue Penguin Development