Optimizing Business Exits
Selling a Real Estate Law Firm
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet real estate law firms continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
In a down economy, many real estate law firm sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of real estate law firms that are actually for sale.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your real estate law firm.
Selecting a Broker
First-rate business brokers deliver prospects and profits to their clients. No two real estate law firm sales are alike. That means you'll want to look for a broker who has been around the block and possesses substantial experience selling businesses in the industry. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling real estate law firms.
Economic Considerations
When you sell a real estate law firm, there are a number of variables you need to consider. Interest rates, spending, inflation, and other variables directly influence how long your real estate law firm will be on the market as well as its sales price. The truth is that perfect market conditions may never materialize. A much better approach is to focus on the factors that always attract buyers and investors. When it comes to selling a real estate law firm, successful sales sales often boil down to the business itself - not the economy.
Selling a Real Estate Law Firm to an Employee
Employee sales have pros and cons. A key employee may seem like a natural sales prospect. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based real estate law firm sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
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