Exit Planning Techniques By Market
Selling a Family Law Firm
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your family law firm, it's in your best interest to maximize the sales price through the application of proven sales techniques.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
However, serious buyers also understand the value of a good family law firm. Financial statements and ROI are essential in converting modern family law firm prospects into buyers.
Broker vs. No Broker
When selling a family law firm, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Although brokerage fees can be substantial, the right broker can reduce the amount of time your family law firm sits on the market. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered family law firm sale.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Often, buyer concessions represent financial incentives that the seller receives in exchange for providing a non-cash benefit (e.g. training, financing, etc.. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
What to Expect in a Family Law Firm Sale
The sale of a family law firm can be a rollercoaster of emotions. One minute you'll be elated at the possibility of moving on the next stage of your life and the next minute you'll be nostalgic about the memories of your time at the helm of your business. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. Although it isn't easy, you can mitigate the emotional impact of a family law firm sale by setting realistic expectations before you list your business.
Share this article
Additional Resources for Entrepreneurs