Businesses of all sizes change hands every year. Whether you intend to sell or are looking to buy, planning is key to your venture. Our law firm helps clients move through business changes including the sale or purchase of a business.
Looking to sell?
For many reasons, business owners seek to move out of their business to retire or develop a new interest. If you are thinking about selling your business, consider these tips:
Start planning well ahead of when you want to sell your business. Just like selling a house, make needed improvements, take care of debt and tie up loose ends. Make it easy for a buyer to acquire your interest.
Understand the real value of your business. With years of financial and energetic investment in a business, many owners overvalue what they have to sell. Obtain a reputable valuation of your business before you look for a buyer.
Consider using a broker to help you sell your business. Be prepared to do legwork to assist your broker and be sure your broker comes well recommended by people you trust.
Thinking about buying a business?
With improvements in the economy, buying a business could be a smart move if the price and the condition of the business are right. Think about these points:
Consider your interest and financial stability before you buy. Is this something you want to do? For how long? What kind of business do you want to purchase or are you interested in a start-up?
If interested in a particular business, valuation by an objective business appraiser you trust is important. Have the books reviewed by your accountant, look at leases, debt and other existing long-term business commitments.
There may be no time like the present to buy or sell.