Cutting corners never pays off, especially in the sale of a law school.
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To achieve your goals, you'll need to know the market as well as key business selling techniques. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Working with a Professional Accountant
Professional accountants lend credibility to the financial preparation of a law school sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Team-Based Negotiation Strategies
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your law school, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. By enlisting the assistance of a negotiation team (senior leaders, experienced negotiators, etc.), you can improve the quality of your negotiation strategy and position yourself to receive top dollar for your law school.
Emotions run high during the sale of a law school. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
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