Selling a collection law attorneys business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
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They require careful planning and an intentional strategy that emphasizes your collection law attorneys business's strengths and meets the needs of the marketplace. But for business sellers, the process begins with having the right mental attitude.
The Best Person to Sell Your Collection Law Attorneys Business
An unassisted business sale is a double-edged sword. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your collection law attorneys business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the collection law attorneys business to gain an objective sense of fair market value.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A key employee may seem like a natural sales prospect. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your collection law attorneys business, a sale to an employee is probably not a possibility.
Preparing for What's Next
The decision to sell your collection law attorneys business can't be made without adequate consideration of what will happen after the sale. If you aren't sure what's next, you could be in trouble because future plans and selling strategy are inextricably connected. 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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