November 21, 2019  
 
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Resources for Entrepreneurs

 

How to Sell to a Business

 

Selling a Legal Service Plans Business

Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet legal service plans businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.

Selling a legal service plans business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
(article continues below)

Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a legal service plans business.

Sale Preparation Timeframes

There are no effective shortcuts for selling a legal service plans business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a legal service plans business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.

Working with Accountants

Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In many instances, your accountant will be invaluable in evaluating prospective buyers' financial position and buying capacity.

Negotiation 101

As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a legal service plans business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.

More Info on Business Transitions and Related Articles

Given your interest in exit planning and in legal service plans businesses, you might find these additional resources to be of interest.

Marketing a Legal Service Plans Business

How to Sell a Business

How Much Is My Business Worth?

Role of Location In Selling a Business


Conversation Board

We always appreciate feedback from our readers. If you have any comments, suggestions, or questions about how to sell a legal service plans business, we encourage you to get in touch with us today!


Questions, Comments, Tips, and Advice  Code Image - Please contact webmaster if you have problems seeing this image code
Problem Viewing Image
Load New Code

Hoping to Open a Legal Service Plans Business?

If starting a legal service plans business is on your agenda, these guides will help you get started:

Opening a Legal Service Plans Business

Do You Market Products or Services to Legal Service Plans Businesses?

If you consider legal service plans businesses to be sales prospects, this isn't the best resource for you on our site. Try these useful resources instead:

Selling to Legal Service Plans Businesses

Mailing Lists for Legal Service Plans Businesses

More Business Transfer Information

If you are looking for exit plan advice for a different kind of business, try our list of exit planning guides below.

Browse more niche exit planning guides:

 

 

 

 

Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities

Contributors

Business Glossary