Niche Exit Planning Tactics
Selling a Wrongful Termination Law Practice
You've learned a lot during your tenure as a wrongful termination law practice owner. The next step is to position your business for the demands of the business-for-sale marketplace.
When it comes to selling a wrongful termination law practice, there are no shortcuts to success.
At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your wrongful termination law practice on the market.
Average Timeframes
Hoping for a quick wrongful termination law practice sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. On average, it takes a minimum of six months to prepare a wrongful termination law practice for sale and many sellers spend a year or more positioning their business to command a higher price. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Leveraging Seller Concessions
It's becoming more difficult to sell a wrongful termination law practice without considering seller concessions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.
Tapping Into Business Networks
Today's wrongful termination law practice buyers can be found in a variety of locations. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. More focused prospects are typically found within industry networks. 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.
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