Advice on Niche Market Exit Planning
Selling a Tort Attorneys Business
A lot can go wrong during the sale of a tort attorneys business these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
Business sellers sometimes face a long, hard struggle to get fair market value for their companies. But with the adequate preparation, your tort attorneys business can attract buyers who recognize its potential.
Many tort attorneys business sellers fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Pre-Sale Checklist
The pre-sale checklist for a tort attorneys business is long and is full of critical tasks that will likely determine the success (or failure) of your sale. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Working with Appraisers
An experienced appraiser is part and parcel of a successful tort attorneys business sale. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. Even though you may disagree with the appraiser's value estimates, it's important to give your appraiser the information and independence he needs to present an objective opinion. To ensure accuracy, ask your broker to provide references for appraisers with industry experience.
Selling a Tort Attorneys Business to an Employee
Although it may seem easier to sell your tort attorneys business to an employee, this approach also has some pitfalls. A key employee may seem like a natural sales prospect. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
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