August 5, 2020 is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

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How to Sell to a Business


Selling a Tax Law Firm

Owning a tax law firm hasn't always been a bed of roses, but it's been worth the effort. The next step is to position your business for the demands of the business-for-sale marketplace.

You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a tax law firm.
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Too often tax law firm owners fail to receive fair market value for their businesses. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.

Benefits of Third-Party Assistance

There are a range of professionals available to guide you through the sale of a tax law firm. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.

Sweetening the Deal

Today's tax law firm buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. It's not unusual for sellers to offer non-cash incentives to help inexperienced entrepreneurs get off to a successful start. A limited amount of training and mentoring may seem inconsequential to you, but to a young tax law firm owner, they can be critical launching points for their ownership journey.

Understanding Market Timing

Now may be the best time to sell a tax law firm. Although the economy is generally struggling, low interest rates make tax law firms more attractive to entrepreneurs who want to get in the game. When the economy recovers there will be more tax law firm buyers on the market, but higher interest rates could present challenges. Market conditions can be intimidating. But your larger concern should be whether or not your business is ready to be presented to qualified sale prospects.

More Exit Planning Articles

Given your interest in exit planning and in tax law firms, you might find these additional resources to be of interest.

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Why Hire an Exit Planning Consultant

How to Sell a Business

Five Tips for Maximizing Your Business Sale Price

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What challenges have you experienced in selling a tax law firm or are you just getting started? If you have questions or advice to share, we'd love to hear from you!

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