Business Exit Planning
Selling a Military and Veterans Law Attorneys Business
A good business is about more than dollars and sense. To make your military and veterans law attorneys business what it is today, you've had to fully invest yourself in its success. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
You've invested too much in your military and veterans law attorneys business to let it be sold for less than its worth. But unless you adequately prepare for the sale, some lucky buyer may walk away with a huge discount.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a military and veterans law attorneys business.
Broker vs. No Broker
When selling a military and veterans law attorneys business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your military and veterans law attorneys business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Whether you realize it or not, your military and veterans law attorneys business has been an important part of your family life. 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 military and veterans law attorneys business has to include ample communication and shared decision-making.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your military and veterans law attorneys business, your business brokers may or may not be willing to conduct negotiations for you. A solo negotiation is a surefire way to may a tough job even tougher. 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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