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Selling a Legal Marketing Services Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet legal marketing services businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
You need to get a good price for your legal marketing services business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
There is no simple way to sell a business. But the most prepared legal marketing services business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. On the one hand, confidentiality is critical for a successful legal marketing services business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the legal marketing services business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Preparing Your Legal Marketing Services Business for Sale
First-time business sellers sometimes don't realize that the success or failure of their sale is determined before it hits the market. Profitable legal marketing services business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your legal marketing services business, the amount of preparation you perform will have direct correlation on asking and sale prices. It is especially helpful if your financial reports can demonstrate a multiyear growth trend for potential buyers.
After the Sale
Due diligence has ended and you're ready to close on the sale of your legal marketing services business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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