Business Exit Planning
Selling a Medical Malpractice Attorneys Business
The decision to sell your medical malpractice attorneys business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
You're optimistic about the economy and so are we. Now the challenge is to convert business buyers who may have a more skeptical outlook.
If your exit strategy involves selling a medical malpractice attorneys business now, business sellers may need to apply a combination of incentives and techniques.
Advantages of Hiring a Broker
Brokers give medical malpractice attorneys business sellers distinct advantages in the marketplace. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the medical malpractice attorneys business. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling a medical malpractice attorneys business has to include ample communication and shared decision-making.
Finding Medical Malpractice Attorneys Business Buyers
It's difficult to predict where the buyer of your medical malpractice attorneys business will come from. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. networking may also prove to be a valuable resource for identifying prospective buyers, but only to the extent that it can be done discreetly.
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