In any economy, there is a right way and a wrong way to sell a business.
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If your exit strategy involves selling a general practice attorneys business now, business sellers may need to apply a combination of incentives and techniques.
Current Market Conditions
No one plans to sell a general practice attorneys business in a down economy. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your general practice attorneys business as attractive as possible so to buyers right now.
Even if you hire a business broker to facilitate the sale of your general practice attorneys business, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
The Best Person to Sell Your General Practice Attorneys Business
As the owner, you are both the best and worst person to sell your general practice attorneys business. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your general practice attorneys business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Business owners are subjective and biased about their company's true worth. At a minimum, conduct an independent appraisal of the general practice attorneys business to gain an objective sense of fair market value.
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