September 23, 2020  
 
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 Banking and Investment Law Attorneys Firm

Most businesses are susceptible to economic conditions and banking and investment law firms are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.

Cutting corners never pays off, especially in the sale of a banking and investment law firm.
(article continues below)

In a skittish economy, banking and investment law firm sellers can access several strategies to receive fair market value from entrepreneurs who understand the value of a good business investment.

Average Preparation Time

There are no effective shortcuts for selling a banking and investment law firm. For starters, the financials need to demonstrate a track record of profitability and growth. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey banking and investment law firm operation. Since all of this takes time and effort, a banking and investment law firm 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.

Identifying Serious Buyers

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. It's likely that non-serious buyers will want to know everything about your banking and investment law firm during their initial inquires. Avoid releasing details about your banking and investment law firm until you have established that they have the financial capacity to make a legitimate offer.

When the Sale Goes Off-Course

The banking and investment law firm-for-sale marketplace is a mixed bag of brokered sales and solo efforts. But for every successful unassisted sale, several other banking and investment law firms sell below market value or languish on the market for years without attracting the interest of qualified buyers. If you decide to go solo and your business has been on the market for more than six months without a single buyer inquiry, it's time to hire a professional business broker. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.

More Info on Business Transitions and Related Articles

We think you may find these additional resources to be of interest.

Marketing a Banking and Investment Law Attorneys Firm

Entrepreneurial Exit Strategies

Selling Part of a Business

How Much Is My Business Worth?


Conversation Board

Do you have any tips on selling banking and investment law firms? If so, we'd love to hear from you!


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 Banking & Investment Law Attorneys Firm?

If starting a banking and investment law firm is on your agenda, these helpul resources may be just what you've been looking for:

Opening a Banking & Investment Law Attorneys Firm

Looking for Banking & Investment Law Attorneys Firm Customers?

If you consider banking and investment law firms to be sales prospects, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:

Selling to Banking and Investment Law Attorneys Firms

Mailing Lists for Banking and Investment Law Attorneys Firms

More Information on How to Sell a Niche Company

If you are looking for exit plan advice for a different kind of business, please browse our directory 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