Seller Beware! Get the Most out of the Sale of Your Business

2:56 pm Uncategorized

Small business owners tend to be a smart, dynamic, and an especially opinionated lot.After years of running the show, you’ve gotten into the habit of doing things your way. And when the time comes to sell your business you want to do that your way as well.But is that even possible?

The answer to that is yes and no.It is the very act of doing things your way that has made your business as unique and successful as it is; you don’t want to change that now.Not to mention, you want to make sure that your interests are met when a deal is finally brokered.That being said, there are some things you can do—and people you can talk to—that will make the process of selling your business a lot quicker, a lot smoother, and a lot more lucrative.

This article from US News and World Report shares 10 Key Moves When Selling Your Business.Two of the ten moves mention getting the help of your accountant and the help of a professional broker. To this we would add getting the help of your attorney. Numbers 5 and 9 are going to be essential when it comes down to solidifying any deal, and our firm can help ensure that all of your legal and regulatory affairs are in order.

But what about the down market?Perhaps you’d like to sell but think it just isn’t an option while this financial fiasco is still going on. Not so.According to Loraine MacDonald in her article for an economic downturn may in fact be a lucrative time to sell if, as she puts it, you have the right “three stars aligned” at the same time.

Whether you’re thinking about selling right now or much later, it’s never a bad idea to do the research and put your business affairs in order. As MacDonald mentions in her article, there are any number of unforeseen events that could end in the sale of your business at an unexpected time. The more prepared you are the best chance you have of getting the best buyer for your business at the best price—and of course, doing it your way.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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