Optimizing Business Exits
Selling a Residential Real Estate Attorneys Business
Planning and execution can dramatically influence the price you receive for your residential real estate attorneys business.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a residential real estate attorneys business.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a residential real estate attorneys business.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Leveraging External Resources
Rarely, if ever, do owners sell a residential real estate attorneys business without outside assistance. The enlistment of a qualified business broker is an excellent first step. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Business Assets
It's incumbent on buyers to commission their own appraisal of your residential real estate attorneys business's inventory, equipment, and physical assets. But you'll need to commission your own appraisal before you put your residential real estate attorneys business on the market to arm yourself with information for the negotiation phase. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your residential real estate attorneys business.
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