Why You Need an Attorney When Selling Your Business
When it comes time for you to sell your business, whether you are headed for a new venture or looking to retire, you need skilled help. While you could try and handle it all on your own, you could lose out on a great deal of money, not structure the deal properly, and leave yourself open to future liability. By hiring an experienced real estate and business lawyer, you have someone who not only knows the law, but understands how these things work.
Obtaining an Accurate Valuation
When it is time to let your business go, it is essential to determine how much your company is worth. There are numerous ways to value businesses, and not all of them will work for you and your operation. A business lawyer can help you determine an appropriate valuation method. By gaining an evidence-based value, you have information to give to potential buyers.
Preparing the Business for Sale
There may be steps you need to take before letting others know you are ready to sell. It is similar to when you are ready to sell a home. You may need to do some maintenance and updates to make it more attractive to sellers and get the best price possible for the current market. Your business, whether it is the premises or another function, may need a bit of housekeeping before you will be able to catch a potential buyer’s eye.
Packaging Information for Interested Parties
Once the word is out that you are open to selling your business, you need to be able to quickly provide accurate information to potential buyers, including the valuation of the business, how much you have done in sales in recent quarters and years, tax information, employment contracts, existing obligations, and much more. An experienced lawyer can help you neatly package all of the essential information a buyer could want before further talks.
Negotiating the Price and Terms
Once you have an interested party, it is bargaining time. There may be numerous matters you and a potential buyer need to negotiate in addition to the final cost, including what assets are included, intellectual property rights, how current debts and other obligations will be handled. When these conversations get down to the nitty gritty, it is essential to have a lawyer represent you to be sure you are really getting what you ask for and will not be left with serious financial obligations.
Making Sure You Are Paid
The benefit of an attorney is that it is up to him to ensure you the deal goes through and you receive payment for the business. A lawyer will secure payment for your business, and if you expect future payments, keep on top of these. If there is ever a delay in payment, your attorney can take a soft approach to retrieve it, and then if necessary, take a hard, litigation approach.
Contact a Florida Business Lawyer for Help
If you own a small- to medium-sized business in Florida and you are interested in selling, call the Law Offices of Larry E. Bray, P.A. at 561-571-8970. With decades of experience under his belt, attorney Larry Bray can prepare you and your business for sale and guide you through this complex transaction.