Selling Your Business

LIFE IN THE FAST LANE? WHOOPS, RED LIGHT AHEAD

How to Get to the Sale and Avoid the Legal Mumbo Jumbo

So, you want to sell your business post haste. You want to get top dollar and hopefully minimize the impact on the employees who helped you to this potentially profitable opportunity. And…you’d like to do it without getting bogged down in all the legal mumbo jumbo.

Got it!

First, you need to determine your transaction objectives. No two are alike. For some, selling 100 percent of the business sounds like a plan. For others, they may want to sell a portion of the business but stick around to reach larger business goals. Decide what it’s going to be. Then line up the right partner(s), which is another story.

Secondly, be honest about any of the company’s or business’s shortcomings. Potential buyers are going to ask pointed questions and the more transparent you are, the quicker the deal is done and the less chance a buyer will say, Adios.

Another important part to a profitable deal and quick sale is generating interest from several possible buyers or investors. Most often you’ll find there are two types: financial and strategic. Financial include private equity funds that take controlling interest in a business with a promising future. Their horizon? Three to five years. What’s yours?

Strategic buyers are longer-term and already active in your market. They may include competitors, large customers or another business that wants to expand its operating capabilities or customer relationships. Your role?

The sooner you answer these questions the sooner you can visit with your attorney and he or she can begin preparing for the sale so you can get to the transaction versus the fine print. To avoid any possible detours, talk to us. We’ll show you how to get from point A to B without getting stuck in traffic.

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