The buzz in the marketplace is that now isn't the right time to sell a legal research and support services business. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
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Armed with a deliberate selling strategy, sellers of legal research and support services businesses are finding qualified buyers, even in today's tough market.
It's obvious that you're going to need to hire an attorney to finalize the sale of your legal research and support services business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your legal research and support services business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
Dealing with Tire Kickers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your legal research and support services business until the prospect has been qualified as a serious buyer.
Preparing for What's Next
The decision to sell your legal research and support services business can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
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