Exit Planning Advice By Market
Selling an Attorneys' Information and Referral Service
The decision to sell your attorneys' information and referral service isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
The economy isn't the only thing that is uncertain these days. So are attorneys' information and referral service buyers, many of whom are waiting to pull the trigger on their next acquisition.
If you're ready to move on, now is the right time to sell your attorneys' information and referral service.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. You have invested yourself in making your attorneys' information and referral service the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. In our experience, the most successful sales are ones in which the seller has made an intentional effort to remain objective and set realistic expectations. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Buyer Concessions
Most attorneys' information and referral service sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. For example, if the buyer needs seller financing, you can leverage a five-year loan to push for a higher sales price. Although you won't see all of the proceeds upfront, you'll earn interest on the balance and realize a higher price than you would in an all cash deal. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Working with Appraisers
An experienced appraiser is part and parcel of a successful attorneys' information and referral service sale. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
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