Exit Planning Tips
Selling a Health Care Law Firm
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet health care law firms continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
More than a few health care law firm sellers fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Hiring an Attorney
It pays to invest in first-rate legal counsel when you sell a health care law firm. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Maintaining Objectivity
Emotions run high during the sale of a health care law firm. You have invested yourself in making your health care law firm the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Team-Based Negotiation Strategies
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your health care law firm, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
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