Niche Exit Planning Strategies
Selling a Disability Law Attorneys Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the disability law attorneys business industry has seen more than its share of fluctuations in business values. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a disability law attorneys business during challenging economic times.
Like it or not, a disability law attorneys business sale is a complicated affair, made even more difficult by the emotions associated with leaving a business you've poured your life into. In our experience, a common owner concern is how the sale will affect customers and employees.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to disability law attorneys businesses that exhibit strong financials and potential for future growth.
Economic Considerations
Several economic factors can affect the sale of a disability law attorneys business. Many would-be sellers are laser-focused on economic indicators, anxiously awaiting the perfect time to list their companies. The truth is that perfect market conditions may never materialize. Rather than watching the economy, we recommend watching buyers and tailoring your business to meet their investment expectations. In our experience, the most important factors in the sale of a disability law attorneys business have little to do with the economy.
Professional Appraisals
Next to your broker, a skilled appraiser is the person most capable of adding value to the price of your disability law attorneys business. By hiring an appraiser to conduct a thorough appraisal of tangible and non-tangible assets prior to listing, you get a measure of the true worth of your business. Although the appraised value of your business may not be the same as the sales price, you gain valuable insight that can be used to your advantage during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
Pros & Cons of a Sale to an Employee
There are both benefits and drawbacks to selling a disability law attorneys business to an employee. A key employee may seem like a natural sales prospect. Since the worker already knows the ins and outs of the business, due diligence should be a breeze, not to mention the fact that you won't have to wait months or years for the right buyer to emerge on the open marketplace. Yet most employees lack the means to buy their employer's business at or near the asking price. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your disability law attorneys business, a sale to an employee is probably not a possibility.
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