Tips to Improve Exit Planning
Selling a Juvenile Law Practice
At first glance, an unstable economy would seem to be an unfriendly atmosphere for a juvenile law practice sale. At Gaebler, we think it's a great time to sell a juvenile law practice. Here's why . . ..
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy a juvenile law practice, capital restrictions are holding them back.
More than a few juvenile law practice owners sell for a price that is well below market value. With the right strategy, your sale doesn't have to end that way.
When Is the Right Time to Sell?
When is it the right time to sell your juvenile law practice? If you're asking the question, now may be the time to put your business on the market. Some experts are telling juvenile law practice sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the juvenile law practice marketplace. With fewer juvenile law practices on the market, there are ample opportunities for sellers to capture the attention of qualified buyers.
Seller Financing
Business buyers are in a capital crunch. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized juvenile law practice buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
Leveraging Industry Connections
There are a lot of different places to look for juvenile law practice buyers. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. But industry connections can also be a valuable source of leads. Time and time again, successful juvenile law practice sales emerge from relationships within the industry. The challenge is to leverage industry connections while keeping knowledge of the sale hidden from your competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
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