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Selling a Law Books Business
Economic uncertainty influences the timing of many law books business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your law books business on the market.
Like it or not, a law books business sale is a complicated affair, made even more difficult by the emotions associated with leaving a business you've poured your life into. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your law books business a success.
Despite the conventional wisdom, we believe current economic conditions are right for selling a law books business. We'll tell you what you need to know to achieve a successful sale outcome
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell a law books business without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Negotiation Teams
It's not unusual for law books business sellers to feel overwhelmed when they negotiate the sale of their business. A solo negotiation is a surefire way to may a tough job even tougher. 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.
Sale Preparation Timeframes
Preparing a law books business sale takes time. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Unless you have already started planning for your law books business sale, it's going to take at least six months to prepare your business. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
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