Exit Planning Techniques By Market
Selling a Franchise and Licensing Law Firm
Forget about what you read in the paper -- franchise and licensing law firms are being sold everyday and the business-for-sale market is poised for even greater growth in the months ahead.
The franchise and licensing law firm-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a franchise and licensing law firm sale. You just need to know your buyers and structure the deal accordingly.
Hoping for a quick franchise and licensing law firm sale? You may be disappointed. The amount of time your business will be on the market depends on how aggressively it is priced and marketed. Before you can list your franchise and licensing law firm, you'll need to invest as much as a year in preparing it for prospective buyers. In a good market, an attractive franchise and licensing law firm can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.
Dealing with Buyers
Buyers can present challenges, especially during the due diligence stage. It's completely normal for franchise and licensing law firm sellers to be asked pointed questions during due diligence. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
Selecting a Broker
Good business brokers inevitably produce better business sales. During the selection process, look for brokers with a proven track record of successful franchise and licensing law firm sales. Take our word for it -- franchise and licensing law firms are unique businesses and you need a broker who understands how to properly market your franchise and licensing law firm to prospective buyers. The chemistry you have with your broker is a consideration. If you don't connect with a specific broker, move on to someone else - even if the first broker looks great on paper.
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