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.
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