Sell a Business for the Best Price
Selling a Property Law Attorneys Business
Your property law attorneys business has been good to you. The next step is to position your business for the demands of the business-for-sale marketplace.
We hear it all the time: "I'm waiting until the economy recovers to list my business."
Most property law attorneys businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Leveraging Industry Connections
Today's property law attorneys business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. But industry connections can also be a valuable source of leads. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Selling a Property Law Attorneys Business to an Employee
Although it may seem easier to sell your property law attorneys business to an employee, this approach also has some pitfalls. A faithful employee may have the motivation and ability to continue to operate the business. The time and expense of locating the right buyer will be nonexistent and you won't have to spend weeks showing the buyer every square inch of the company. However, some employees feel they are entitled to special treatment and pricing, especially if they have played a key role in the company's success. Seller financing is one way to get around the capital deficit of an employee-based property law attorneys business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Laying the Groundwork
Effective property law attorneys business preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a property law attorneys business to the marketplace. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium property law attorneys business opportunity.
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