If you want to buy or sell a business, you’ll need a business law attorney.
If you want to buy or sell a business, you should go into it knowing that if you want the best deal possible, it will take a lot of planning, preparation and the aid of an attorney well versed in the ins and outs of business law.
Selling a Business
It’s important to not cut corners if you want to sell your business on favorable terms. Even if the price is right, finding the right buyer and selling will require lots of planning and hard work. Before starting the process, it’s important to make sure you’re really ready to sell.
Many people wait until their business is in decline to sell. They have a price in mind that reflects the potential of the business and the revenue they’ve seen it bring in during it’s more fruitful seasons, but aren’t realistic about its current state. There are buyers who seek out distressed businesses, but they do it with the specific intention of bargain shopping. The shape of your business and the current state of the market are important variables to consider when selling your business.
The Value of Your Business
It’s important to know your worth. This is not meant in a motivational-speech sense. You want to make a profit, but it’s important to be realistic about what your business is really worth, as is. This is where a business appraiser comes in. It may sound like a scary thing to open yourself up to, because they might undershoot what you think it’s worth, but most prospective buyers will ask for an appraisal or order one anyway. This ensures you won’t be surprised in the middle of the process.
Know Your Strengths
Many businesses are not honest with themselves about what their strengths and weaknesses are. Total honesty (with yourself) in this department is crucial in selling your business, so that you can promote your strengths. When a business is emphasizing “strengths” that are really not their strong point, it drags down the perceived value of the brand. Make sure you’re marketing your strengths.
Once you decide you’re ready to sell, hire a business law attorney to guide you through the process, such as Appleby Healy Attorneys at Law. We know business law and will be your advocate through it all – the preliminary negotiations, drafting and review of the sales agreement, and closing.
Buying a Business
There are many things to consider when buying a business as well. It’s important to be realistic with yourself about whether or not owning a business is right for you and your lifestyle, the potential of the business and state of its particular industry, and risks involved.
Owning a business means the weight of success or failure is on your shoulders. It means longer hours and more stress than just being an employee. It also means that if you succeed, you reap the financial rewards in addition to the satisfaction of success. No one can fire you, but your job is only secure if your business is.
Other things to consider are whether you want to buy into a franchise or an independently owned business, how to find the right one that is for sale, and proceeding with due diligence to evaluate the true value of that business. Appraisals and business law attorneys are extremely beneficial in this process, and you’ll need them to help you look at a business realistically so excitement and potential don’t cause you to lose money on a business that isn’t salvageable.
Get Help From a Business Law Attorney
It’s important to note that whether buying or selling a business, business law is not something to toy with. A lawyer from a law firm that specializes in business law is invaluable and can save you endless money and stress. Make sure you’re covered through this huge undertaking so it can be the exciting time it’s meant to be. Call Appleby Healy Attorneys at Law today to schedule your free initial consultation.
DISCLAIMER: This blog post is intended to be a guideline, not an all inclusive list. For legal help, call Appleby Healy Attorneys at Law today.