Selling a maritime and admiralty 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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If your exit strategy involves selling a maritime and admiralty law attorneys business now, you need to apply the right combination of preparation, strategy and common sense.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. If you aren't sure what to look for in a serious buyer, ask your broker for advice. Never provide detailed information about your maritime and admiralty law attorneys business until the prospect has been qualified as a serious buyer.
After the Sale
As your maritime and admiralty law attorneys businesssale nears completion, there is a lot of work remaining to be done. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Average Preparation Time
Preparing a maritime and admiralty law attorneys 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. Since all of this takes time and effort, a maritime and admiralty law attorneys business can rarely be ready for the marketplace in less than six months. 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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